Gradual economic growth

Today the Timely Indicator of Economic Activity was published by the inegi, which highlights the growth at the annual rate of several sectors of the Mexican economy. In the first place, the services sector was the one that grew the most with an average annual rate of 14% in the period September 2021 to September 2022. Within this sector, the growth of the travel agencies and reservation services branch stands out with a growth from 22.4%, other schools and educational services grew 22.2%, independent artists, writers and technicians increased by 19.2%. In this same sector, the branches that grew less were corporate with an average increase of 7% and surety, insurance and pension companies with a growth of 7.4%.

In second place, the secondary activities sector had an average annual growth of 11.8% in the same period. Among the branches that make up this sector with the highest growth, the manufacture of transport equipment stands out with an increase of 18.1%, the manufacture of computer equipment, communication, measurement and other electronic equipment, components and accessories with an increase of 11% per year. . Likewise, the branches that grew the least were leather and fur tanning and finishing, and manufacture of leather, fur and substitute materials with an increase of 6.3%, followed by the plastic and rubber industry with an increase of 6.9%.

In these two sectors, the economic growth is notable since even the economic branches that grew the least registered a growth rate higher than that of the economy in the same period. The reason for this effect is that the agricultural sector did not have a positive performance in its indicator of economic activity, as the other sectors did. The growth in the secondary and tertiary sectors is reflected in the number of formal jobs that were created in the indicated period. At the national level, the creation of jobs was 954,347 in the period, of which a total of 132,440 were registered in the transport equipment manufacturing branch; in the case of food and beverage preparation services, the creation of new jobs reached 114,632. Lastly, wholesale trade created 89,998 new jobs.

These sectors have clearly always been the engine of growth for the Mexican economy in the past, and it is very likely that for the following year the economic dynamics in both will be consolidated. What great news it is to know that the Mexican economy is accelerating, albeit gradually, its rate of growth. Producing more intermediate and final goods will always help reduce scarcity and, therefore, reduce inflationary pressures via market supply.

*Dr. Salvador Rivas Aceves is Research Secretary of the Faculty of Economic and Business Sciences at the Universidad Panamericana.