Mexico Economic Activity


Mexico: Economic activity weakens slightly

December 23, 2014

The monthly economic activity indicator (IGAE) elaborated by INEGI increased 2.5% in October over the same month of the previous year. The print came in below the 3.0% expansion tallied in September, but overshot the 2.4% increase the market had expected. Economic activity’s trend has stabilized; annual average growth was 1.8% in October, which matched the reading observed in September.

October’s result stemmed from a deceleration in the industrial sector (October: +2.1% year-on-year, September: +2.9% yoy) and a sizable contraction in agriculture (October: -1.9% year-on-year, September: +7.0% yoy). Services increased 3.0% annually in October, which matched the reading observed in September.

On a sequential basis, economic activity expanded a seasonally-adjusted 0.59% over the previous month in October. The reading was above the 0.03% rise observed in September.

LatinFocus Consensus Forecast panelists’ projection is in line with the Bank’s assessment. They see the economy expanding 3.1% in 2015, which is unchanged from last month’s forecast. For 2016, the panel expects growth to pick up to 3.9%.

Author:, Senior Economist

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Mexico Economic Activity Chart

Mexico Economic Activity October 2014

Note: Year-on-year changes and annual average growth rate of monthly economic activity in %.
Source: Mexico National Statistics Institute (INEGI)

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