Amid uncertainty over US tariff policy, Mexican business confidence fell 0.2 points in November 2025 compared to the previous month and also decreased 3.2 units year-on-year, according to the Global Business Confidence Opinion Indicator (IGOEC) , which stood at 48.3 points , as announced this Tuesday by the National Institute of Statistics and Geography (Inegi) .
This was due to the caution shown by business owners in the manufacturing, trade and private non-financial services sectors, reflecting pessimism, as the IGOEC was below the threshold of 50 units.
In this regard, the Business Confidence Indicator (BCI) for manufacturing industries stood at 48.4 points in the eleventh month of the year, which was 0.5 points lower than in October. Within this indicator, the component that decreased the most was the company’s current economic situation , with a drop of 0.9 points.
The Construction Construction Index (ICE) was 46 units in November 2025. It increased by 2 points compared to the previous month. With this figure, the indicator has remained below the 50-point threshold for 15 consecutive months.
In the cycle, the Commerce ICE fell 0.2 points compared to the previous month, settling at 47.6 units . Three of its five components declined compared to last October, with the one that fell the most, by 1.8 points, being the right time to invest .
In the reference month, the ICE for private non-financial services fell 0.1 points compared to October 2025, reaching 49.1 units . Two of its components showed negative performance. The country’s future economic outlook saw the largest decline, at 1.6 points.
According to the Global Business Confidence Opinion Indicator , three of the four sectors it covers showed declines during November 2025.
This uncertainty has been generated, among other reasons, by international factors such as tariffs around the world, as well as by internal factors, such as a weakening of the Mexican economy and private consumption.
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