Mexico: Economic activity contracts at sharpest pace in seven months in October
The monthly indicator for economic activity (IGAE) fell 0.5% in seasonally-adjusted, month-on-month terms in October, contrasting September’s revised 0.2% increase (previously reported: +0.3% month-on-month; s.a.) and marking the steepest drop since March 2019.
October’s print reflected a broad-based deterioration across the major sectors. Primary and industrial-sector activity contracted from September, while activity in the services sector slipped marginally.
On a year-on-year basis, economic activity slid 0.8% in October, contrasting September’s 0.1% uptick. Lastly, annual average growth in economic activity flatlined in the month, down from 0.3% in September.