Mexico Economic Activity October 2021

Mexico

Mexico: Decline in economic activity softens in October

December 24, 2021

The monthly indicator for economic activity (IGAE) fell 0.2% in month-on-month seasonally-adjusted terms in October, which was a smaller drop than September's 0.4% decrease. Looking at the details of the release, the services sector decreased at a faster pace in October, while the industrial sector accelerated.

On an annual basis, economic activity fell 0.7% in October (September: +0.9% yoy), the worst result since February. Meanwhile, annual average economic activity growth rose to 3.9% in October (September: +3.4%).

FocusEconomics panelists project the economy to expand 2.9% in 2022, which is down 0.1 percentage points from last month’s forecast. In 2023, they see GDP growth waning to 2.2%.


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Mexico Economic Activity October 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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