Mexico Economic Activity May 2018

Mexico

Mexico: Economic activity moderates in May

July 23, 2018

Economic activity expanded 2.2% over the same month last year in May, easing from the 4.5% expansion logged in April. According to INEGI, May’s expansion was driven by strong gains in the agricultural sector (May: +8.0% year-on-year; April: +3.2% yoy). Meanwhile, growth in both the industrial and services sectors moderated; industrial activity grew 0.3% (April: +3.7% yoy), while services activity decelerated to 2.9% (April: +5.0% yoy).

On a month-on-month basis, economic activity rebounded 0.5% in May from a 0.6% contraction registered in April.

Banxico expects growth of 2.0%–3.0% in 2018 and 2.2%–3.2% in 2019. Panelists participating in the LatinFocus Consensus Forecast expect growth of 2.3% in 2018, which is up 0.1 percentage points from last month’s forecast. For 2019, growth is also projected to pick up to 2.3%.


Author:, Economist

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Mexico Economic Activity May 2018

Note: Year-on-year changes and annual average growth rate of monthly economic activity in %.
Source: Mexico National Statistics Institute (INEGI)


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