MEXICO CITY, Sept. 25 (Xinhua) -- Mexico's economy, buoyed by the services sector, grew at an annual rate of 3.3 percent in July, the National Institute of Statistics and Geography (Inegi) said Tuesday.
The July session reading of the Global Economic Activity Indicator (IGAE) showed its most rapid acceleration since a 4.5 percent growth in April, according to data from IGAE.
IGAE is considered as a "monthly GDP" by analysts, since it represents nearly 95 percent of economic activities and allows them to see the evolution of real sector in the short term.
The services sector grew 4.4 percent In July, also the best level of growth since April, the official statistic body Inegi said. Industrial activity, which is tied to the economic performance of the United States, grew 1.3 percent in July, and the same variation was experienced by the agricultural sector.
Adjusted for seasonal differences, the IGAE grew 0.4 percent in July compared to June, when it fell 0.1 percent, according to Inegi.
In a letter to its customers, financial group Citibanamex said the IGAE figures confirm that production activity in the country improved at the beginning of the third quarter.
"We reiterate our forecast of a year-on-year growth of 2.1 percent for the GDP for 2018," Citibanamex said, and it maintained its forecast of economic growth of 2.3 percent for the third quarter.
Mexico's GDP grew 2 percent in 2017. This year, Mexico could register an economic growth of 2 to 2.6 percent, according to recent estimates by the Central Bank of Mexico (Banxico).
