Mexico: Economic activity rebounds in October
Latest reading: Economic activity rose 1.0% on a seasonally adjusted month-on-month basis in October, following a 0.4% decline in the previous month. October’s reading was the strongest since July 2024.
Relative to the previous month’s data, readings in October improved for the services sector (+1.2% on a seasonally adjusted month-on-month basis vs -0.3% in September), the industrial sector (+0.7% vs -0.3% in September) and the primary sector (+1.4% vs -4.7% in September).
On a year-on-year basis, economic activity increased 1.7% in October, following a 0.7% increase in the prior month.
Panelist insight: On the reading and outlook, Itaú Unibanco analysts said:
“October’s data suggests a gradual recovery in Mexican economic activity, particularly after a weak third quarter, though sector performance remains uneven. Looking ahead, we expect GDP growth to gain traction in 2026, supported by improving business sentiment and a resilient external sector. Nevertheless, growth should remain below potential.”