Mexico: Economic activity flatlines in October in sequential terms
The monthly indicator for economic activity (IGAE) was unchanged month-on-month in seasonally-adjusted terms in October (September: +0.7% mom). A deterioration in the services sector was offset by improved industrial output.
On an annual basis, economic activity increased 4.4% in October, which was below September’s 5.1% expansion. Meanwhile, annual average economic activity growth rose to 2.5% in October (September: +2.1%).
The LatinFocus panel projects the economy to grow 1.1% in 2023, which is down 0.1 percentage points from last month’s forecast. For 2024, the panel sees GDP growth at 2.0%.