Mexico industrial output rises more than forecast in November
- The seasonally adjusted monthly increase reported by national statistics agency INEGI compared with the Reuters consensus forecast for an advance of 0.7%.
- Growth was driven by the construction sector, which rose 2.2%, INEGI said.
MEXICO CITY: The Mexican manufacturing sector's recovery from a slump triggered by the coronavirus pandemic continued in November, with industrial output up by 1.1% from the previous month, official data showed on Monday.
The seasonally adjusted monthly increase reported by national statistics agency INEGI compared with the Reuters consensus forecast for an advance of 0.7%..
Growth was driven by the construction sector, which rose 2.2%, INEGI said.
October industrial output data was revised down to show a rise of 1.8% instead of the 2.0% increase originally reported. Still, September figures were revised upwards by a tenth of a percentage point to show an advance of 0.7%.
Industrial production tumbled when the pandemic hit Mexico in March and hit its lowest point in May, though it has been recovering since then amid a reopening of the economy and greater demand from abroad.
"However, lingering policy uncertainty, weak business confidence, and the lingering Covid-19 pandemic are likely to weigh on the broad industrial sector for a while despite firmer external demand," Goldman Sachs economist Alberto Ramos said in a note to clients.
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