Mexico: Economic activity softens in February
Economic activity disappointed somewhat in February. According to the Statistical Institute (INEGI), economic activity grew 1.1% year-on-year, down slightly from 1.3% in January and missing analysts’ expectations. February’s outturn was driven by services-sector activity; industrial-sector activity continued losing ground, although losses moderated from January.
Annual average growth in economic activity, meanwhile, ticked down to 1.8% from 1.9% in January.
In seasonally-adjusted terms, economic activity grew 0.3% month-on-month (January: +0.2% month-on-month s.a.).