Mexico Economic Activity


Mexico: Economic activity decelerates again in November

January 27, 2015

The monthly economic activity indicator (IGAE) elaborated by INEGI rose 2.0% in November over the same month of the previous year (October: +2.7% year-on-year). The reading, which represented a third consecutive month of deceleration, came in below the 2.3% increase the markets had expected. Economic activity’s trend has stabilized; annual average growth was 1.8% in November, which matched the reading observed in October.

According to INEGI, the agricultural sector increased 0.7% year-on-year in November, which contrasted a 1.9% contraction in October. Meanwhile, the secondary sector—which includes mining, construction, manufacturing and utilities supply—increased 1.8% in November, which came in below the 2.1% increase tallied in October. The services sector decelerated from a 3.0% increase in October to a 2.3% expansion in November.

Month-on-month, economic activity grew a seasonally-adjusted 0.49% in November, which came in below the 0.59% rise registered in October.

LatinFocus Consensus Forecast panelists see the economy expanding 3.3% in 2015, which is unchanged from last month’s forecast. For 2016, the panel expects growth to pick up to 3.9%.

Author:, Senior Economist

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Mexico Economic Activity Chart

Mexico Economic Activity November 2014

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

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