Mexico Economic Activity December 2020

Mexico

Mexico: Economic activity growth eases to seven-month low in December

February 25, 2021

The monthly indicator for economic activity (IGAE) ticked up 0.1% in month-on-month, seasonally-adjusted terms in December 2020, well below the 0.7% rise logged in the previous month and marking the softest increase since May 2020.

Looking at the details of the release, the slowdown reflected a broad-based deterioration across the major sectors. Activity in both the industrial and services sectors lost momentum, while the primary sector swung to contraction.

On an annual basis, economic activity declined 2.7% in December (November: -4.1% yoy). Meanwhile, the trend continued to deteriorate, with the annual average variation of economic activity coming in at minus 8.0%, down from November’s minus 7.8%.

Analysts participating in the LatinFocus Consensus Forecast expect GDP to expand 4.0% in 2021, which is up 0.1 percentage points from last month’s forecast. For 2022, GDP growth is projected at 2.7%.


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Mexico Economic Activity December 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) and FocusEconomics calculations.


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