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Financial News: Mexico Industrial Production Growth Improves Further

Mexico Industrial Production Growth Improves Further

07/12/2022 - 08:31:00 (RTTNews)

(RTTNews) - Mexico's industrial production growth accelerated for the third straight month in May, largely driven by strong output growth in the manufacturing and utility sectors, data from the National Institute of Statistics and Geography showed on Tuesday.

Industrial production climbed a seasonally adjusted 3.1 percent year-on-year in May, faster than the 2.9 percent rise in April.

Production has been rising since March 2021. Moreover, the latest rate of increase was the fastest in four months.

Among sectors, manufacturing output grew the most by 5.6 percent annually in May, and output in the utility segment logged an increase of 4.3 percent.

Meanwhile, production in the mining sector was 1.7 percent lower in May compared to last year.

On a monthly basis, industrial production edged up 0.1 percent in May, after a 0.5 percent gain in April.

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