Mexico Economic Activity May 2021


Mexico: Economic activity growth ticks up in May

July 27, 2021

The monthly indicator for economic activity (IGAE) expanded 0.6% month-on-month in seasonally-adjusted terms in May (April: +0.2% mom; previously reported: -0.2% mom). Looking at the details of the release, May's pickup was broad-based, with the services, industrial and primary sub-sectors all accelerating.

On an annual basis, economic activity grew 25.1% in May, which was notably better than April’s 22.3% expansion and marked the best result on record. Moreover, the trend improved, with the annual average variation of economic activity coming in at an over one-year high of minus 2.0%, up from April's minus 5.6% reading.

Moreover, flash data for June suggested the economy grew 0.3% in the month. If confirmed, this suggests a solid outturn over Q2 as a whole, amid a booming U.S. economy and the domestic vaccine rollout.

The LatinFocus panel projects the economy to grow 5.7% in 2021, which is up 0.4 percentage points from last month’s forecast. For 2022, the panel sees GDP growth at 3.0%.


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Mexico Economic Activity Chart

Mexico Economic Activity May 2021

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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