Inegi confirmed an economic growth of 1.5% in the second quarter compared to the previous one; 19.5% in the year-on-year comparison.

Mexico's economy accelerated its growth rate during the second quarter, driven by the reopening of activities restricted by the Covid-19 pandemic and the recovery of its main trading partner, the United States.

The Gross Domestic Product (GDP) showed an expansion of 1.5% at a quarterly rate, according to seasonally adjusted figures released this Wednesday by the National Institute of Statistics and Geography (Inegi), the same as the preliminary data estimated at the end of July, but below the 1.7% expected by analysts in a Reuters poll.

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The figure surpassed the 1.1% growth in the first quarter, which was revised upwards.

Agricultural activities in Mexico, the second largest economy in Latin America, had an expansion of 0.8%, while secondary activities, composed mainly of export manufacturing and industry, increased 0.3%. Services and commerce, meanwhile, grew 2.0%, detailed the Inegi.

Economic activity has been benefiting since the country began to ease restrictions to cope with the advance of the pandemic, although in recent weeks the country has registered an upturn in infections due to a third wave of the coronavirus pandemic.

In its annual comparison, GDP soared 19.6% helped mainly by a low base of comparison in the same period last year, when lockdown was imposed by the pandemic.

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In this case, the data represents an advance slightly lower than the 19.7% estimated by Inegi preliminarily, while the survey predicted 19.8%.

In 2020, the national economy plummeted 8.5%, its worst performance since the Great Depression, hit by the Covid-19 pandemic. Private sector analysts raised their estimate for economic growth for this year to 6.1%, according to a Banco de México survey released in early August.

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