Overview
- Industrial activity declined 1.2% month over month and 2.8% year over year in July, marking the steepest monthly fall since December 2024 and the fifth consecutive annual contraction.
- Manufacturing posted the biggest monthly setback in July (-1.6%), construction fell (-1.2%) and utilities edged lower (-0.1%), while mining rose (+1.9%); on an annual basis all four sectors shrank, led by mining (-5.9%).
- From January to July, output contracted 1.5% versus a year earlier, with mining down 8.3%, utilities 2.4%, construction 1.4% and manufacturing 0.2%, according to INEGI.
- State readings for May highlight the dispersion, with Quintana Roo (+22.4% m/m), Guerrero (+12.8%) and Chiapas (+12.6%) leading monthly gains and growth pockets such as Aguascalientes (+3.6% y/y) and San Luis Potosí (+9.9% y/y) standing out.
- Quintana Roo’s annual industrial activity slumped 40.9% in May as construction plunged 46.5%, which analysts link to the wind‑down of federal megaprojects, while oil‑producing states weakened alongside Pemex crude output of 1.3 million bpd (-9% y/y).