Mexico - Uongozi Index Uchumi

Mexico's economic activity increased 0.1 percent year-on-year in September of 2019, following an upwardly revised 1 percent fall in August. The third sector rebounded (0.6 percent compared to -1.1 percent in August) and the primary sector grew at a faster 9.4 percent (3 percent in August). On the other hand, secondary activities shrank further (-1.8 percent compared to -1.3 percent). On a monthly basis, economic activity increased 0.3 percent. Considering Q3, the GDP contracted 0.3 percent over a year earlier and stalled when compared with the previous quarter.

Mexico's economic activity shrank 0.9 percent from a year earlier in August 2019, after expanding 0.3 percent in the previous month and missing market expectations of a 0.1 percent growth. The tertiary sector contracted 0.7 percent, following a 1.1 percent expansion in July; and the primary activities growth slowed to 0.2 percent from 4.2 percent. Meanwhile, secondary activities shrank 1.3 percent, less than a 1.8 percent contraction in the prior month. On a seasonally adjusted monthly basis, economic activity advanced 0.1 percent, rebounding from a 0.2 percent contraction in July.

Mexico's economic activity expanded 0.3 percent from a year earlier in July 2019, rebounding from a 0.9 percent contraction in the previous month and beating market consensus of a 0.2 percent growth. Primary activities advanced 4.1 percent, faster than a 2.5 percent rise in June and the tertiary sector grew 1.2 percent, after shrinking 0.2 percent. Additionally, secondary output contracted 1.7 percent, less than a 2.9 percent decline in the prior month. On a seasonally adjusted monthly basis, economic activity shrank 0.1 percent, following a 0.2 percent expansion in June.

Mexico's economic activity shrank 0.9 percent from a year earlier in June 2019, following a 0.4 percent contraction in the previous month and compared to market expectations of a 0.6 percent fall. It is the third straight month of decline in economic activity, as secondary output slumped 2.9 percent (vs -3.3 percent in May) and tertiary activities posted a 0.1 percent drop (vs 1 percent growth). In contrast, primary activities expanded 2.5 percent, faster than 0.5 percent in the previous month. On a seasonally adjusted monthly basis, economic activity went up 0.2 percent, after stalling in the preceding month.

Mexico's economic activity shrank 0.4 percent from a year earlier in May 2019, following a revised 1.5 percent contraction in the previous month and compared to market expectations of a 0.9 percent fall. Secondary activities output plunged 3.3 percent, the seventh consecutive month of decline, while primary activities growth slowed to 0.5 percent from 1.3 percent. On the other hand, tertiary activities output climbed 0.9 percent, reversing a 0.9 percent drop in April. On a seasonally adjusted monthly basis, economic activity was unchanged, after a 0.1 percent advance in April.

The economic activity in Mexico shrank 1.4 percent year-on-year in April 2019, following a 1.3 percent growth in the previous month. It is the steepest contraction since March 2013, as the services sector shrank 0.8 percent, after expanding 1.8 percent in March, namely transportation & storage (-0.7% vs 0.3%), wholesale trade (-3.8% vs -0.4%), professionals, scientists & technical services; corporate business support services and waste, waste management & remediation services (-3% from 9.3%) and educational services; health & social assistance services (-1.3% vs 2.2%). In addition, the secondary sector declined further (-2.9% from -0.1%), mostly due to manufacturing (-0.4% vs 2.8%), mining (-9% vs -6%) and construction (-0.4% vs 2.8%). Also, output growth slowed in the agricultural sector (1.3% from 5.4%). On a seasonally adjusted monthly basis, the economy advanced 0.1 percent, rebounding from a downwardly revised 0.5 percent contraction in March.