Mexico Economic Activity August 2020

Mexico

Mexico: Economic activity cools in August

October 26, 2020

The monthly indicator for economic activity (IGAE) rose 1.1% in month-on-month, seasonally-adjusted terms in August, below July’s 5.7% jump.

August’s result reflected the sustained recovery in activity amid the easing of Covid-19 restrictions, though with signs that momentum is waning. The moderation was driven by a contraction in agricultural-sector output, a cooling industrial sector and stalling services activity.

On an annual basis, economic activity fell 9.4% in August (July: -9.9% yoy). Meanwhile, the trend continued to deteriorate, with the annual average variation of economic activity coming in at minus 6.7% in August, down from minus 6.0% in July.

Analysts participating in the LatinFocus Consensus Forecast expect GDP to contract of 9.9% in 2020, which is unchanged from last month’s forecast. For 2021, GDP growth is projected at 3.7%.


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Mexico Economic Activity August 20 20

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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