Mexico Economic Activity July 2021

Mexico

Mexico: Economic activity rebounds in July

September 27, 2021

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.

The LatinFocus panel projects the economy to grow 5.9% in 2021, which is up 0.1 percentage points from last month’s forecast. For 2022, the panel sees GDP growth at 3.0%.


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Mexico Economic Activity July 2021

Note: Month-on-month (s.a.) and year-on-year changes of economic activity indicator in %.
Source: Mexico’s National Statistical Institute (INEGI) and FocusEconomics calculations.


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