Mexico: Economic activity contracts again in May
Economic activity recorded a second consecutive contraction in May, after having fallen at the steepest pace in around 6 years in April. According to the Statistical Institute (INEGI), economic activity dropped 0.4% year-on-year, which followed April’s revised 1.5% decrease (previously reported: -1.4% yoy). May’s result chiefly reflected a sharp contraction in the industrial sector, however, a rebound in services sector activity helped offset the fall somewhat.
Annual average growth in economic activity, meanwhile, fell to 1.2% in May from 1.4% in April.
In seasonally-adjusted terms, economic activity was flat over the previous month, which followed a 0.1% increase in April.