Mexico Economic Activity September 2020

Mexico

Mexico: Economic activity softens for third consecutive month in September

November 26, 2020

The monthly indicator for economic activity (IGAE) climbed 1.0% in month-on-month, seasonally-adjusted terms in September, easing from August’s 1.4% increase and for the third month in a row.

September’s reading reflected the continued recovery in activity amid the gradual loosening of pandemic-related restrictions, though also pointing to a slowdown in momentum. The moderation was driven by industrial activities flatlining from the previous month. More encouragingly, services activity picked up noticeably.

On an annual basis, economic activity contracted 5.5% in September (August: -9.2% yoy). Meanwhile, the trend continued to deteriorate, with the annual average of economic activity coming in at minus 7.1% in September, down from minus 6.6% in August.

Analysts participating in the LatinFocus Consensus Forecast expect GDP to expand 3.7% in 2021, which is unchanged from last month’s forecast. For 2022, GDP growth is projected at 2.5%.


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Mexico Economic Activity September 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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