Overview

• Overall activity fell 0.9% from June on a seasonally adjusted basis, the steepest monthly decline since late 2024.
• Primary activities plunged 12.2% from a year earlier and 3.0% month over month, marking the sharpest annual fall since the pandemic era.
• Industrial output contracted 2.8% year over year and 1.2% month to month; manufacturing, construction and utilities fell, while mining rose on the month but remained down annually.
• Services slipped 0.4% on the month yet rose 0.4% from a year earlier, with notable annual gains in business support and professional, scientific and technical services.
• Analysts flagged a weak start to Q3 and kept modest growth calls for 2025—Banamex holds 0.4%—while INEGI’s early gauge points to slight August growth pending official figures.