The Day at a Glance | August 29 2023

*The Global Economic Activity Indicator (IGAE) recorded a 4.0% annual rate of growth in June. 

*INEGI reported that Mexico´s GDP increased 3.6% y/y in the 2Q23, in line with estimates. 

*The US Secretary of Commerce stated that China has become a very risky place for investment. 

*The US announced the first 10 medicines that will be subject to price negotiations for the first time under the US Medicare health program, which covers 66 million people. 

*Hurricane Idalia strengthens as it heads towards Florida.

Economic environment

The Global Activity Economic Indicator, better known as the IGAE in Spanish, recorded an annual 4.0% rate of growth in June; the estimate was higher than the INEGI´s timely indicator, which forecasted 3.9% growth. On a monthly basis, the IGAE logged a 0.5% figure. This was due to slight growth in both secondary (0.7% m/m) and tertiary (0.4% m/m) activities, while primary activities decreased -1.0% m/m. On an annual basis, figures recorded greater momentum among the different sectors: Primary activities logged 4.3% growth, a 3.4% increase was recorded in tertiary activities, and there was solid progress in secondary activities (5.0%).