Mexico: Economic activity slams the brakes in December
Economic activity was flat year-on-year in December, screeching to a halt on the heels of November’s 1.8% increase. According to the National Statistical Institute (INEGI), December’s reading saw strong agricultural- and modest services-sector gains offset entirely by losses within the industrial sector. Although, broadly, industrial-sector activity remained in the doldrums, analysts were quick to point out manufacturing’s weakness through last year-end. Annual average growth in economic activity, meanwhile, ticked down to 1.9% from 2.0% in November.
Economic activity slumped 0.4% month-on-month and in seasonally-adjusted terms, contrasting November’s 0.4% pickup.