Overview
- Inegi reported a 0.6% seasonally adjusted rise in industrial activity in November, marking a second consecutive monthly increase for the first time since mid‑2024.
- Construction led the monthly advance with a 1.6% gain, while manufacturing grew 0.5% and both mining and utilities were unchanged from October.
- On an annual basis in November, manufacturing fell 2.2% and mining declined 1.0%, while construction increased 3.7% and utilities rose 1.4% using original figures.
- From January to November 2025, industrial production fell 1.6% year over year, with mining down 7.1%, construction down 1.7%, utilities down 0.6% and manufacturing down 0.7%.
- Analysts highlighted that all four pillars have logged year‑to‑date declines not seen since 2020, describing the recent improvement as fragile and noting weaker 2025 GDP expectations around 0.3% to 1%.