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%.
Author: Javier Colato, Economist