Mexico: Economic activity bounces back in May
The monthly indicator for economic activity (IGAE) rose 0.8% in month-on-month seasonally adjusted terms in May, which contrasted April’s 0.7% decrease. Looking at the details of the release, May’s pickup was broad-based, with the services, industrial and primary sub-sectors all gaining steam.
On an annual basis, economic activity grew 1.6% in May, which was well below April’s 5.3% expansion but beat market expectations. Moreover, the trend pointed down, with the annual average growth of economic activity coming in at 2.8% in May, down from April’s 3.0% reading.