Mexican Economic Activity Slows

Economic activity in Mexico expanded by 0.4% from the previous year in August of 2024, extending the 3.8% jump in the earlier month but slightly below market expectations of a 0.7% increase.

The back-to-back increase was solely supported by growth in tertiary economic activities (1.3%), as expansions in professional, scientific, and technical services (10.1%), transportation and storage services (3.6%), retail activity (1.5%), and financial services (1.4%) offset declines for wholesale trade (-2%) and restaurants and hotels (-2.3%).

In the meantime, activity fell for the secondary part of the economy (-0.9%) amid declines for construction (-4.5%) and mining (-1.2%) and a near stagnation for manufacturing (0.1%).

In the meantime, primary activities fell by 2.1%.