Mexico: Economic activity growth slows in May
Latest reading: The monthly indicator for economic activity (IGAE) flatlined in month-on-month seasonally adjusted terms in May, in contrast to April’s 0.4% increase. The deceleration was driven by a decline in the services sector, mainly due to a fall in wholesale and retail sales. In contrast, industrial activity picked up pace, and agricultural output rebounded.
On an annual basis, economic activity fell 0.2% in May, improving from April’s 1.7% drop. Meanwhile, annual average economic activity growth fell to 0.4% in May (April: +0.6%), indicating a deteriorating trend.