Mexico Economic Activity Index Falls in January

Mexico’s economic activity index fell 0.3% year-on-year in January 2026, following a 3.3% expansion in the prior month and marking the strongest drop since August 2025. The secondary sector led losses, falling 1.1%, driven by a 3% contraction in manufacturing. Services increased 0.1%, supported by a 3.8% rise in healthcare and social security activities. Meanwhile, the primary sector expanded 1.6%, as livestock activity advanced 3.5% and agriculture rose 0.8%. On a seasonally adjusted monthly basis, economic activity fell 0.9%, following a 0.2% rise in December.

Mexico’s economic activity index rose 3.3% year-on-year in December 2025, rebounding from a 0.1% decline in the prior month and marking the strongest expansion since July 2024. The primary sector led gains, surging 11.4%, driven by a 14.8% jump in agriculture, while livestock activity grew 3.2%. Services increased 3.2%, supported by a 17.1% rise in cultural, sports and other recreational activities. Meanwhile, the secondary sector expanded 2.4%, as construction advanced 6.6% and utilities rose 3.9%. On a seasonally adjusted monthly basis, economic activity grew 0.4%, following a 0.1% drop in November.

Mexico’s economic activity index slipped 0.1% year-on-year in November 2025, reversing a 1.7% expansion in October. The secondary sector contracted 0.8%, dragged down by declines in manufacturing (-2.2%) and mining (-1.0%). The services sector posted a modest 0.2% increase, as strong gains in waste management (11.0%), sports, cultural and recreational services (7.4%), healthcare and social services (5.7%), and retail trade (3.9%) offset weakness in wholesale trade (-6.7%), transport, mail and warehousing (-2.7%), restaurants and lodging (-2.3%), and public administration (-0.1%). Meanwhile, the primary sector expanded 1.3%, supported by higher animal farming (2.6%) and agricultural output (0.9%). On a seasonally adjusted monthly basis, economic activity fell 0.2% after a 1.0% rise in October.