Mexico: Economic activity picks up momentum in November
January 25, 2016
Economic activity in Mexico accelerated in November, which followed a deceleration in October. According to the monthly economic activity indicator (EGAE) elaborated by the National Statistics Institute (INEGI), economic activity increased 2.7% annually in November, which came in above the 2.3% expansion registered in October. The result, which overshot the 1.9% rise the markets had expected, resulted mainly from the acceleration in the services sector. Meanwhile, growth in agriculture moderated and in industry decelerated notably.
The trend continued to suggest that growth in economic activity remains stable, albeit solid. Annual average growth in economic activity remained steady in November at October’s 2.5%.
A month-on-month comparison corroborates the slowdown suggested by the annual data. Economic activity increased 0.1% in November over the previous month in seasonally adjusted terms. The print was down from a 0.2% rise tallied October and marked the weakest monthly expansion in six months.
Author: Ricardo Aceves, Senior Economist