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During the month of May, the country's industrial activity remained stagnant, posting a slight growth of 0.06% over the month of April, reported Thursday National Institute of Statistics and Geography (Inegi).
In 2018, Mexican industrial production spent more time walking in negative than posting advances, since during January, March and April the monthly balance was reflected down , recording contractions of 0.1, 0.2 and 0.4 percent, respectively. Only during February and May there were slight expansions.
Anchors that drive downward industrial activity are mines and utilities (which include areas of production, transmission, and distribution of electricity, d & # 39; water and gas) and to a lesser extent, construction which, despite signs of recovery in recent months, there are still months that reflect relapses.
In May, mining again stumbled by reporting a decline of 0.7 from April. This figure contrasts with the 1.4% expansion of the previous month and prolongs the "bad run" that has permeated the sector since February.
In the mining industry, the extraction of oil, gas and metallic and non-metallic minerals p showed a contraction of 1.3%, while the only sub-sector that "saw the light" was the services related to mining, reflecting a growth of 2.5%.
In addition, utilities were the most affected sector of the month, with a monthly decline of 4.5%, the largest decrease since January 2002.
In turn, the construction industry has accumulated three months of declines, posting a monthly decline of 0.9% based on adjusted figures for seasonality.
The sub-sector that has the most weight in construction, construction, fell by 1.1% at the monthly rate, while the construction of civil engineering works and specialized work showed expansions of 1.2 and 3.2 cent, in each case.
Manufacturing industries were the "lifeline" of industrial production in May, although although they lost momentum compared to previous months, they posted a 1.9% increase monthly.
In a disaggregated manner, 12 of the 21 manufacturing industries in the country posted increases over April, where the 9.1% increase in the specialized industry in manufacturing transportation equipment was the largest contributor to the industry. is demarcated.
The largest sectoral decline was observed in industries manufacturing textile products (except clothing), registering a contraction of 3.3%.
In the annual change the outlook does not look very different for industrial production, because during the month of May, the growth rate was 0.3 percent with adjusted figures for Calendar effect.
Alberto Ramos, an economic analyst at Goldman Sachs expects the performance of the manufacturing sector to remain solid thanks to a competitive exchange rate and solid growth in the United States.
"The burden of construction, oil and gas should also be reduced, as the restriction of the fiscal budget will probably not be as tight as it was in 2017 and the annual rate of decline of crude oil production was moderate compared to the strong annual contraction of 9.5% reported in 2017, "he explained.
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