Mexico Economic Activity November 2020


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.

Analysts participating in the LatinFocus Consensus Forecast expect GDP to expand 3.9% in 2021, which is up 0.2 percentage points from last month’s forecast. For 2022, GDP growth is projected at 2.8%.


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Mexico Economic Activity Chart

Mexico Economic Activity November 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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