Mexico: Economic activity posts quickest growth since March 2021 in February
The monthly indicator for economic activity (IGAE) rose 1.4% month-on-month in seasonally adjusted terms in February (January: -0.9% mom). February’s figure marked the best reading since March 2021. The notable rebound was due to rebounds in the services and primary sectors. In contrast, industrial output declined due to a large fall in construction activity.
On an annual basis, economic activity increased 4.4% in February, notably above January’s 1.9% expansion and topping market expectations. Accordingly, annual average economic activity growth rose to 3.1% in February (January: +3.0%), pointing to an improving trend.