The advance was surprising as a drop was expected amid the effects of the shortage of components in manufacturing and the impact of the third wave of Covid-19.
“(The) This figure was notably surprising compared to the central estimate of -0.50% of the IOAE and against our forecast of -0.78%”, stated in a report Marcos Arias, analyst at Grupo Financiero Monex.
The growth of the indicator was driven by the construction sector, that had a breakthrough of 1.9% Y, to a lesser extent, by the manufacturing sector, that expanded 0.2%, according to figures released yesterday by the National Institute of Geography and Statistics (Inegi).
A worker gives the thumbs up next to a Mexican flag at the construction site of a new international airport which will be called ‘General Felipe Angeles’ at the Santa Lucia Air Force Base in Zumpango, near Mexico City, on October 16, 2020. – Mexican President Andres Manuel Lopez Obrador visited the construction of the airport, which has a progress of 40.1%. (Photo by ALFREDO ESTRELLA / AFP)
"Today's data is good news for the economy, because the weakness of the secondary sector was one of the risk elements that we perceived for the quarter and so far there have been no contractions. Even, July's advance was revised from 1.05% monthly until 1.15%, which shows that the industry has had a much greater resilience than expected, especially thanks to advances in construction ", added Arias Novelo.
So far this year, industrial activity has shown an expansion of 9.4% compared to the first eight months of 2020, Nevertheless, if the comparison is made in relation to the same period of the 2019, a fall of 4.6% with respect to the prepandemic level.
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