Mexico: Economic activity gains steam in April
Latest reading: Economic activity rose 1.2% on a seasonally adjusted month-on-month basis in April, following a 0.6% increase in the previous month. April’s reading was the strongest since March 2021.
Relative to the prior month’s figures, the reading for the industrial sector improved in April (+2.1% on a seasonally adjusted month-on-month basis vs -0.5% in March). In contrast, readings softened for the services sector (+0.7% vs +0.9% in March) and the primary sector (-0.4% vs +4.2% in March).
On a year-on-year basis, economic activity increased 2.3% in April, following a 1.4% rise in the previous month.
Panelist insight: On the reading and outlook, Itaú Unibanco analysts said:
“The data point to a rebound at the start of 2Q26, with QoQ/SAAR at 1.2% and a carry-over of 1.4%. However, we remain cautious about extrapolating this strength, as it may partly reflect temporary factors. Looking ahead, we expect momentum to strengthen in 2H26, supported by public infrastructure spending and a gradual recovery in manufacturing, contingent on easing trade uncertainty.”