Mexican Economic Activity Falls More than Expected

Mexico’s economic activity index shrank by 1.1% year-on-year in July 2025, following a 1.3% rise in the prior month and more than the expected 0.7% decline. Output in primary activities fell sharply, dropping 12.3% from June’s 4.6% advance, led by a steep 19.9% decline in agriculture. Secondary activities also contracted, down 2.7% compared with a 0.4% fall in June, with manufacturing (-1.9%), mining (-5.8%), utilities (-3.7%), and construction (-3.5%) all posting declines. Meanwhile, services growth slowed to 0.4% from 2.1% in the previous month. On a seasonally adjusted monthly basis, economic activity fell by 0.9% in July, after a downwardly revised 0.1% increase in June and also above market estimates of a 0.7% drop.