Mexico Economic Activity November 2019


Mexico: Economic activity recovers slightly in November

January 24, 2020

The monthly indicator for economic activity (IGAE) advanced 0.1% in seasonally-adjusted, month-on-month terms in November 2019, rebounding from October’s revised 0.4% fall (previously reported: -0.5% month-on-month; s.a.).

November’s print reflected a mixed performance across the major sectors. Although primary-sector activity contracted from October, the industrial sector grew modestly. Meanwhile, activity in the services sector stagnated in the month.

On a year-on-year basis, economic activity dipped 1.2% in November, more sharply than October’s 0.7% slip. Lastly, the annual average variation in economic activity fell to a 0.2% contraction from flat growth in October.

Analysts participating in the LatinFocus Consensus Forecast expect growth of 1.0% in 2020, which is down 0.2 percentage points from last month’s forecast. For 2021, growth is projected to pick up to 1.7%.

Author:, Economist

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Mexico Economic Activity Chart

Mexico Economic Activity November 2019

Note: Month-on-month (s.a.) and year-on-year changes of economic activity indicator in %.
Source: Mexico’s National Statistical Institute (INEGI)

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