Mexico Economic Activity


Economic activity gains momentum in October

Economic activity expanded 1.3% over the same month of the previous year in October 2013 according to the IGAE (Indicador Global de la Actividad Economica). The figure came in above the 0.9% increase registered in September, but fell short of market expectations of a 1.5% rise.

October's improvement came on the back of a hefty expansion in agriculture (September: +7.2% year-on-year; October: +11.4% yoy) as well as an increase in industry (September: -1.4% yoy; October: +0.1% yoy). The only deceleration compared to the previous month was recorded in services.

On a sequential basis, economic activity expanded 0.3% over the previous in seasonally-adjusted terms, which contrasts the 0.3% contraction observed in September.

Meanwhile, the trend continues to point downward, with annual average growth in economic activity falling from 1.7% in September to 1.5% in October. This marks the lowest reading in more than three years.

Mexico's Central Bank (Banxico) expects the economy to grow between 3.0% and 4.0% in 2014. LatinFocus panelists see the economy growing 3.4% in 2014, which is down 0.1 percentage points from last month's forecast. The panel expects growth to pick up to 3.9% in 2015.

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Mexico Economic Activity Chart

Mexico Economic Activity October 2013

Note: Year-on-year and annual average growth rate of monthly economic activity in %.
Source: Mexico National Statistical Institute (INEGI).

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