Overview
- INEGI’s IGAE fell 0.6% in September from August, the steepest monthly decline of 2025.
- Q3 GDP contracted 0.3% quarter-on-quarter and 0.19% year-on-year, breaking a multi‑quarter growth streak.
- Secondary activities deteriorated, with industry down 1.5% in Q3 and secondary output 3.3% below a year earlier in September.
- Manufacturing employment dropped 2.6% year-on-year in September, extending a decline that has persisted since March 2023.
- Analysts now project 2025 growth near 0.1–0.6% as fixed investment falls nearly 7% through August, public programmatic spending is about 6% lower through September, and external trade headwinds intensify.