Mexico Economic Activity March 2020

Mexico

Mexico: Economic activity shrinks at fastest rate in over a decade in March

May 26, 2020

The monthly indicator for economic activity (IGAE) fell 1.3% in seasonally-adjusted, month-on-month terms in March, following February’s 0.6% slip and marking the worst decline since January 2009.

March’s downturn reflected in large part the impact from the containment measures put in place to combat Covid-19’s spread. Both industrial and services-sector activity contracted heavily, while the primary sector grew robustly—cushioning the overall slump.

On a year-on-year basis, economic activity shrank 2.3% in March, following the 0.6% dip logged in February. Lastly, the annual average variation economic activity slid to minus 0.8% from minus 0.5% in from the previous month.

Analysts participating in the LatinFocus Consensus Forecast expect GDP to contract of 7.1% in 2020, which is down 2 percentage points from last month’s forecast. For 2021, GDP growth is projected at 2.6%.


Author:, Economist

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Mexico Economic Activity March 20 20

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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