Mexico: Economic activity growth ticks up in May
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.