Mexico: Economic activity rebounds in July
The monthly indicator for economic activity (IGAE) increased 0.5% month-on-month in seasonally-adjusted terms in July (June: -1.1% mom). Looking at the details of the release, July’s pick up was broad-based, with the services, industrial and primary sub-sectors all gaining steam.
On an annual basis, economic activity rose 7.1% in July, which was well below June’s 13.3% expansion. Meanwhile, the trend improved notably, with the annual average growth of economic activity coming in at plus 1.6% in July, up from June’s plus 0.1% reading.