Mexico: Economic activity shows signs of moderation at the beginning of Q4 2015
December 23, 2015
Economic activity in Mexico decelerated in October, which followed a strong acceleration in September. According to the monthly economic activity indicator (EGAE) elaborated by the National Statistics Institute (INEGI), economic activity increased 2.3% annually in October, which came in below the 3.3% expansion registered in September. The result, which overshot the 2.1% rise the markets had expected, reflected notable slowdowns in the agricultural and industrial sectors. Growth in services only moderated in October.
The trend continued to suggest that growth in economic activity remains stable. Annual average growth in economic activity remained steady in October at September’s 2.5%.
A month-on-month comparison corroborates the slowdown suggested by the annual data. Economic activity increased 0.2% in October over the previous month in seasonally adjusted terms. The print was down from a 0.3% rise tallied September.
Author: Ricardo Aceves, Senior Economist