Mexico | Sluggish manufacturing momentum in February

The BBVA Multidimensional Manufacturing Indicator fell (-)1.7% YoY in February, bringing the average of the annual change of the first two months of the year to (-)1.2%, 3.2 pp below that registered in the same period of the previous year.

Key points

• Key points:
• The manufacturing subsectors that recorded the largest drops in production during January were the printing industry (-10.2% MaM), electrical appliance manufacturing (-2.6% MaM), and metal products manufacturing (-1.7% MaM).
• Among the sectors that showed the greatest progress in January were the manufacturing of petroleum products (6.4% MaM), the manufacturing of products based on non-metallic minerals (3.8% MaM), and the basic metal industry (2.9% MaM).
• In terms of used capacity, eight of the twenty-one subsectors are still at levels below their pre-pandemic figure (vs. fourteen the previous month).
• We estimate the lower growth in manufacturing production will continue for the rest of the year, in a context of slowing external demand, given the reduction in consumption of durable goods in the US.

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