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%.