Mexico Economic Activity


Mexico: Growth in economic activity slips in July

September 24, 2015

Mexico’s economic activity slowed in July, which followed an acceleration in June. According to the monthly economic activity indicator (IGAE) elaborated by INEGI, growth in Mexico’s economy slowed from a 3.2% year-on-year increase in June to a 2.0% expansion in July. The result, which was in line with market expectations, resulted from a deceleration in the industrial sector and in services.

According to INEGI, growth in the industrial sector was nearly half of that in July. It fell from 1.3% year-on-year in June to 0.7%. In addition, services decelerated from a 4.6% increase in June to a 2.8% expansion in July. That said, the agricultural sector registered flat growth in July, which was above the 1.7% contraction tallied in the previous month.

Despite the slowdown, the overall trend was still stable. Annual average growth in economic activity in July remained unchanged at 2.4% for a fourth consecutive month.

Sequential data confirm the slowdown suggested by the annual data. Economic activity increased a timid a seasonally-adjusted 0.07% in July over the previous month, which came in below the revised 0.38% expansion tallied in June.

LatinFocus Consensus Forecast panelists see the economy expanding 2.6% in 2015, which is down 0.1 percentage points from last month’s forecast. For 2016, the panel expects growth to pick up to 3.2%.

Author:, Senior Economist

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Mexico Economic Activity Chart

Mexico Economic Activity July 2015 0

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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