Mexico Economic Activity November 2015

Mexico

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.

The government expects the economy to grow between 2.6% and 3.6% in 2016. Mexico’s Central Bank expects the economy to have expanded between 1.7% and 2.5% this year. For 2016, the Bank sees the economy growing between 2.5% and 3.5%. According to the latest survey of analysts for the LatinFocus Consensus Forecast, panelists see the economy increasing 2.8% in 2016, which is unchanged from last month’s forecast. For 2017, the panel expects growth to pick up to 3.2%.


Author:, Senior Economist

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Mexico Economic Activity November 2015

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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