Amid uncertainty over the United States tariff policy, Mexican business confidence showed a slight recovery in August 2025, according to the Global Indicator of Business Opinion Confidence (IGOEC) , which stood at 49.3 units , according to figures released Monday by the National Institute of Statistics and Geography (INEGI) .
This shows that private sector caution persists, especially in the construction sector — which saw a decline over the cycle—since the IGOEC index fell below the 50-point threshold, reflecting pessimism.
According to figures obtained from the Monthly Business Opinion Survey (EMOE) , this weighting represented an increase of 0.4 points in relation to July 2025. In its annual measurement, the indicator decreased 3.4 units .
“With this latest observation, the indicator has now been below the 50-point threshold for six consecutive months,” the agency explained.
In the eighth month of the year, the manufacturing industry confidence indicator stood at 49.4 points, the same level as last July. Domestically, two of its five components showed declines. The country’s current economic situation registered the largest increase, with 0.8 points.
Construction saw a negative result , falling 0.9 units monthly to 46.2 points; two of its components showed progress, with the country’s future economic situation showing the greatest increase, with 2.3 units.
The trade sector confidence indicator increased 1.4 points compared to July 2025, reaching 48.5 points. The largest increase was seen in the country’s current economic situation , with 2.7 points.
Last August, the non-financial private services confidence indicator grew 0.3 points compared to the previous month, reaching 50.4 points; the country’s future economic situation was the component with the largest increase, with 0.9 points during the period.
The IGOEC figures, while showing a slight increase in confidence among Mexican business owners, also reflect caution regarding the country’s current and future economic situation, which remains resilient in the face of a period of uncertainty generated by U.S. tariffs.
The eventual “respite” granted by the United States to Mexico, with the 90-day pause on the 30% tariffs, has had an impact on improving business perceptions. However, they are still struggling against the tide due to the instability this situation and the global economy represent.
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