Mexico: Economic activity deteriorates in August
Latest reading: The monthly indicator for economic activity (IGAE) declined 0.3% in month-on-month seasonally adjusted terms in August, which contrasted July’s 0.6% increase and contrasted expectations for a flat print. August’s figure was largely driven by a deterioration in the industrial sector, in particular construction output.
On an annual basis, economic activity rose 0.4% in August, which was well below July’s 3.8% expansion. Moreover, the trend pointed down, with the annual average growth of economic activity coming in at 2.2% in August, down from July’s 2.4% reading.