Mexico Economic Activity Unexpectedly Falls

Mexico’s economic activity index fell 0.2% year-on-year in May 2025, following a revised 1.7% drop in April and missing market expectations of 0.5% growth.

Industrial production declined by 0.8%, easing from a 4% contraction the previous month, as mining output dropped 8.4% (vs.

-7.7%) and utilities fell 3.7% (vs.

-1.8%).

Manufacturing offered a modest rebound, rising 0.5% after a 2.5% decline in April.

Meanwhile, services output shrank by 0.2%, following a 0.5% decrease in April, weighed down by sharp contractions in wholesale trade (-9.9% vs.

-8.4%), accommodation and food services (-1.6% vs.

-1.9%), and cultural, sporting, and recreational activities (-0.2% vs.

+7.5%).