Mexican industry stumbles in May

Mexico City.- Industrial production in Mexico suffered a 0.93% setback last May when compared to April, according to seasonally-adjusted figures from the Mexican Statistics Agency, Instituto Nacional de Estadistica, Geografia e Informatica (INEGI). This drop in the economy’s secondary sector is the second negative figure in 2012, because in February it shrank 1.39%. In addition, year-to-year figures show that industrial activity slowed-down its annual growth pace, because in May it grew 3.1% over even month the previous year, while in 2011 the growth had been 4.6% and in 2010 it reached 9.06%. According to INEGI, construction posted 4.5% year-to-year progress, manufacturing 3.7% and electricity, water and gas supplied by ducts to final consumer went up 1.5%, while mining dropped 0.1% in such month. Year-to-year increase in construction figures arises from more works to build houses, industrial plants, real estate for commerce, institutions and services purposes, and civil engineering works.