Mexico: Economic activity shrinks in November
Latest reading: Economic activity declined 0.2% on a seasonally adjusted month-on-month basis in November, following a 1.0% increase in the previous month.
Relative to the prior month’s data, readings in November worsened for the services sector (-0.4% on a seasonally adjusted month-on-month basis vs +1.1% in October), the industrial sector (+0.6% vs +0.9% in October) and the primary sector (-7.0% vs +1.5% in October).
In annual terms, economic activity was down 0.1% in November, following 1.8% growth in the previous month.
Panelist insight: On the reading and outlook, Itaú Unibanco analysts said:
“November’s data suggests that the gradual recovery in Mexican economic activity will be challenging, where it would be key to monitor the performance across sectors. Friday next week 4QGDP will be released. 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.”