Overview

• Sixteen of 32 states posted annual industrial declines in May, with national activity down 0.7% year over year, led by steep drops in Quintana Roo (-40.9%), Durango (-17.2%) and Campeche (-13.8%).
• Mining was the weakest sector with an 8.2% annual fall, as Pemex reported about 1.3 million barrels per day in May, roughly 9% below a year earlier, alongside lower oil prices noted by analysts.
• States tied to recent federal megaprojects showed deep construction corrections, including a 46.5% annual plunge in Quintana Roo and prolonged downturns in Tabasco and Campeche.
• Despite annual contractions, several states saw monthly rebounds, with Quintana Roo, Guerrero and Chiapas leading May’s seasonally adjusted gains at 22.4%, 12.8% and 12.6%, respectively.
• pockets of strength helped limit the damage, as Hidalgo, Baja California Sur, Nuevo León, San Luis Potosí, Mexico City and Chiapas recorded growth and national manufacturing and construction each rose 0.5% year over year.