Overview

• President Claudia Sheinbaum said preliminary Finance Ministry data point to stronger activity in August and reported higher consumption, while noting that official results are pending.
• Sheinbaum added that September could also look stronger, framing July’s weakness as a temporary soft patch.
• Inegi’s July IGAE fell 0.9% from June and 1.2% year over year, with declines reported across primary, secondary and tertiary activities.
• The IMF lifted its growth forecast for Mexico this year to 1.0% from 0.2% and projected 1.5% next year, cautioning about trade tensions and tight fiscal and monetary conditions.
• Sheinbaum cited changes in the OECD’s outlook as additional support, even as private surveys from Citi and Banamex signal more subdued growth expectations for 2025.