Mexico: Economic activity slows in November
January 25, 2021
The monthly indicator for economic activity (IGAE) rose 0.9% in month-on-month seasonally-adjusted terms in November, slowing from October’s 1.2% rise but marking the sixth consecutive monthly increase.
Looking at the details of the release, activity in both the primary and industrial sectors lost steam. Positively, the services sector expanded at a faster pace compared to October—underpinning the overall upturn.
On an annual basis, economic activity fell 3.9% in November (October: -5.3% yoy), the best result since March. Meanwhile, the trend deteriorated, with the annual average variation of economic activity coming in at minus 7.7%, down from October's minus 7.5% reading.