Mexico Economic Activity January 2021

Mexico

Mexico: Economic activity rises month-on-month in January, but still down sharply year-on-year

March 25, 2021

The monthly indicator for economic activity (IGAE) grew 0.1% in month-on-month seasonally-adjusted terms in January, which was up from the previous month's flat reading. Looking at the details of the release, the services sector decreased in January, while the industrial sector accelerated.

On an annual basis, economic activity plunged 5.4% in January, which was significantly greater than December’s 2.7% fall. Accordingly, the trend pointed down, with the annual average variation of economic activity coming in at minus 8.4%, down from December's minus 8.0%.

FocusEconomics panelists project the economy to expand 4.3% in 2021, which is up 0.3 percentage points from last month’s forecast. In 2022, they see GDP growth waning to 2.8%.


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Mexico Economic Activity January 2021

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


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