Overview

• Inegi’s IGAE fell 0.9% from June, marking the sharpest monthly drop since April 2024.
• Primary activities plunged 12.2% year over year, industry declined 2.8% for a fifth straight annual contraction, and services rose 0.4%.
• On a monthly basis, all three sectors weakened in July with primary down 3.0%, secondary down 1.2%, and tertiary down 0.4%.
• Cumulative growth for January through July is reported as a marginal 0.1% to 0.3% year over year, reflecting small gains and data differences across reports.
• Banamex maintained a 0.4% growth forecast for 2025 as Pantheon flagged tight financial conditions, trade uncertainty, and fading infrastructure supports as headwinds.