The Global Indicator of Economic Activity recorded zero annual growth in January

MEXICO - In Brief 01 Apr 2025 by Francisco González
The Global Indicator of Economic Activity recorded zero annual growth in January and a -0.2% monthly decline with seasonally adjusted figuresThe Global Indicator of Economic Activity (IGAE) showed no annual growth in January 2025, following declines in October and December of the previous year and a very weak increase in November. As a result, the October-January average contracted by -0.1%. In January, the agricultural sector posted an annual increase of 14.6%, after a -6.9% drop in December, reflecting high volatility since 2023. Meanwhile, the industrial sector fell -2.8% annually in January, driven by significant contractions in mining (-8.6%) and construction (-6.4%). Manufacturing also declined by -0.9%, following a -0.3% drop in the previous quarter’s average. Although manufacturing may have seen a slight rebound in February due to short-term export growth—following the suspension of tariffs—domestically focused manufacturing likely remained weak.GRAPH 1IGAE: MAIN SECTORS AND SUBSECTORS, JANUARY 2025 (Seasonally adjusted % chg.YoY) Source: Data FxRates® & INEGI, Analysis GEA Grupo de Economistas y Asociados.Services sector continues to register a slowing trend, growing just 1.0% annually, with stagnation in key areas like restaurants and hotels and a decline in wholesale trade.The services sector grew 1.0% year-over-year in January, continuing the slowdown trend that began last year. Weak growth was seen in restaurants and hotels (0.1%) and transport, postal, and warehousing (0.3%), while wholesale trade fell (-4.7%). On a seasonally adjusted monthly basis, the IGAE declined by -0.2%, due to a drop in industry (-0.4%), while services stagnated and the primary se...

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