Mexico: Decline in economic activity softens in October
The monthly indicator for economic activity (IGAE) fell 0.2% in month-on-month seasonally-adjusted terms in October, which was a smaller drop than September’s 0.4% decrease. Looking at the details of the release, the services sector decreased at a faster pace in October, while the industrial sector accelerated.
On an annual basis, economic activity fell 0.7% in October (September: +0.9% yoy), the worst result since February. Meanwhile, annual average economic activity growth rose to 3.9% in October (September: +3.4%).