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