Mexico Economic Activity July 2020

Mexico

Mexico: Economic activity slows in July

September 25, 2020

The monthly indicator for economic activity (IGAE) rose 5.7% in month-on-month, seasonally-adjusted terms in July, below June’s 8.8% expansion which had marked the strongest increase on record.

July’s climb reflected continued recovering activity as Covid-19 containment measures started to be lifted in May. The moderation was driven by slowing activity in both the industrial and services sectors. Primary-sector output, on the other hand, rebounded vigorously from the prior month.

On an annual basis, economic activity declined 9.8% in July (June: -13.3% yoy). Meanwhile, the trend continued to deteriorate, with the annual average variation of economic activity coming in at minus 6.0% in July, down from minus 5.2% in June.

Analysts participating in the LatinFocus Consensus Forecast expect GDP to contract of 9.9% in 2020, which is down 0.6 percentage points from last month’s forecast. For 2021, GDP growth is projected at 3.7%.


Author:, Economist

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Mexico Economic Activity July 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) and FocusEconomics calculations.


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