Industrial production in Mexico grew 3.9 percent, year-over-year in May, the nineteenth consecutive annual increase. The increase is the result of the positive behavior of the four industries that comprise the sector, according to the SteelOrbis analysis of data from the national office of statistics Inegi.
Industrial activity contributes 28.5 percent of Mexico's Gross Domestic Product (GDP) and the manufacturing industry is the most important because it contributes 16.6 percent of Mexico's total GDP. In May, industrial manufacturing production increased, year-over-year, 1.9 percent.
The construction industry, the second most important by contributing 6.0 percent of GDP, registered a rise of 9.2 percent. The mining industry (4.7 percent of total GDP) grew 5.1 percent in its production in May. The energy industry (electricity, gas and water, to the final consumer, which contributes 1.3 percent of GDP) grew 2.0 percent.
Within the manufacturing industry, the steel industry (Basic Metal Industries) registered a drop of 5.7 percent, it is the second consecutive annual drop.