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Mexico Economic Activity February 2021

Mexico: Economic activity falls at sharpest pace since May 2020 in February

The monthly indicator for economic activity (IGAE) slid 0.3% month-on-month in seasonally-adjusted terms in February (January: -0.1% mom). The outturn marked the steepest contraction since May 2020. February’s sharper drop was largely due to a sharper decline in the services sector, which fell at the sharpest pace since May 2020. Meanwhile, industrial output gained steam.

On an annual basis, economic activity plunged 5.1% in February (January: -5.4% yoy). Meanwhile, the trend pointed down, with the annual average variation of economic activity coming in at minus 8.8% in February, down from January’s minus 8.4% reading.

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