Mexico: Economic activity keeps momentum in November
January 24, 2013
In November, economic activity increased 4.3% over the same month the previous year, according to the IGAE (Indicador Global de la Actividad Economica). The reading came in below a revised 4.5% expansion in October (previously reported: +4.1% year-on-year) but well ahead of market expectations, which had economic activity slowing to a 3.1% increase. The strong reading was buttressed by robust growth in agriculture as well as in the services sectors, whereas output in the industrial sector decelerated.
A month-on-month comparison corroborates the acceleration suggested by the annual data, as economic activity expanded in November a healthy 1.07% in seasonally adjusted terms, which came in well above the 0.36% increase seen in October. That said, despite the solid expansion, the trend remained stable, with annual average growth in economic activity remaining unchanged at 4.2%.
In its latest inflation report from November, the Central Bank expects the economy between 3.0% and 4.0% this year.