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Mexico Economic Activity October 2023

Mexico: Economic activity falls at sharpest pace since June 2022 in October

The monthly indicator for economic activity (IGAE) dropped 0.2% in month-on-month seasonally adjusted terms in October, which contrasted September’s 0.7% increase. The result marked the worst reading since June 2022. October’s weakening was mainly driven by a deterioration in the services sector. In contrast, the industrial sector improved.

On an annual basis, economic activity grew 4.3% in October, which was above September’s 3.2% expansion and marked the best result since January. Meanwhile, annual average economic activity growth to 3.7% in October (September: +3.7%).

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