Overview
- Output fell 0.3% quarter on quarter and year on year, the first annual decline since early 2021, according to INEGI’s advance estimate.
- Secondary activities dropped 1.5% q/q and 2.9% y/y, services edged up 0.1% q/q (0.9% y/y), and primary activities rose 3.2% q/q (3.0% y/y).
- The economy is up 0.5% in January–September, while analysts warn of downside risks tied to trade-policy uncertainty, tariff pressures and weak investment.
- SHCP reported stronger public finances with revenues up about 9.2% and net public debt near 49.9% of GDP, and it maintained a 2025 growth outlook of 0.5%–1.5%.
- State-level ITAEE data for Q2 show uneven momentum, with gains in Hidalgo, Guanajuato, Nuevo León and a primary-sector surge in Querétaro, while Campeche and Quintana Roo contracted.