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Mexico Economic Activity January 2022

Mexico: Economic activity growth moderates in January

The monthly indicator for economic activity (IGAE) grew 0.4% month-on-month in seasonally-adjusted terms in January (December: +0.9% mom). January’s downturn was largely driven by decelerating services and industrial sectors, amid a surge in Covid-19 cases and ensuing staff absences.

On an annual basis, economic activity rose at a faster rate of 1.8% in January (December: +1.3% yoy). Accordingly, annual average economic activity growth rose to 5.6% in January (December: +4.8%).

Looking to February, experimental data from the statistical office suggests a similar rate of growth. While Covid-19 cases declined sharply as the month progressed, this was likely offset to an extent by factors such as elevated inflation, rising interest rates, business uncertainty and supply chain frictions.

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