Mexico Economic Activity April 2020

Mexico

Mexico: Economic activity falls at record pace in April

June 26, 2020

The monthly indicator for economic activity (IGAE) collapsed 17.3% month-on-month in seasonally-adjusted terms in April (March: -1.3% mom). April's result marked the worst reading on record as the lockdowns imposed to contain Covid-19 took their toll.

The reading reflected a broad-based contraction across the major sectors, with industrial-sector activity shrinking the most.

On an annual basis, economic activity plunged 19.9% in April, which was markedly greater than March’s 2.3% fall. The print also marked the worst result on record. Accordingly, the trend pointed down, with the annual average variation of economic activity coming in at minus 2.3%, down from March's minus 0.8%.

Analysts participating in the LatinFocus Consensus Forecast expect GDP to contract of 7.5% in 2020, which is down 0.4 percentage points from last month’s forecast. For 2021, GDP growth is projected at 2.9%.


Author:, Economist

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Mexico Economic Activity April 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).


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