Mexican Industrial Activity Stalled in September
Industrial activity in Mexico showed no variation in September compared to the previous month, largely affected by a drop in construction, the National Institute of Statistics and Geography (Inegi) said Wednesday, Nov. 11.
This was the worst performance for September since the index rebounded 18.4 percent in June, after the country began to reactivate some economic activities that had been idled due to the novel coronavirus (covid-19) pandemic, according to seasonally adjusted figures from Inegi.
Construction fell 5.6 percent in September, though manufacturing grew by 2.4 percent and mining increased by 0.2 percent, said Inegi.
Compared to the same period last year, industrial activity fell by 6.2 percent in September, to accumulate a 12.2 percent decline in the first nine months of the year.
The Mexican economy, the second-largest in Latin America after Brazil, could contract by as much as 9 percent in 2020 due to the pandemic, its worst setback since the Great Depression of the 1930s, according to International Monetary Fund (IMF) forecasts.
…Nov. 12, 2020