Mexico's economic activity in May annually rises 1.6%

Mexico's economic activity in May rose 1.6% in real terms at an annual rate with a seasonally adjusted series, the country's statistical authority announced Monday.

The figure came in higher than market expectations of a 1.4% increase and showed an acceleration from the year-on-year gain of 0.9% recorded in April.

Annually, secondary and tertiary activities increased 0.6% and 2.3%, respectively, but primary activities fell 1.8%, the National Institute of Statistics and Geography (INEGI) said in a statement.

On a monthly basis, economic activity posted a 0.7% increase in May compared to the previous month.

That figure showed a monthly decrease of 0.6% in April.

While primary activities increased 0.7% in May, secondary and tertiary activities rose 0.7% and 0.8% at a monthly rate, respectively.