In July 2025, Mexican economic activity slowed by 1.2% compared to the same month in 2024, according to the Global Indicator of Economic Activity (IGAE) , prepared by the National Institute of Statistics and Geography (INEGI) .
On a monthly basis, this indicator registered a 0.9% drop, which represented the largest contraction so far this year.
By component, primary activities , which include agriculture and livestock, decreased 3%; while secondary activities , which include manufacturing and construction, also fell 1.2% monthly.
Tertiary activities , which involve services—including transportation, mail, and storage — also showed a 0.4% decline in July 2025 compared to last June.
On an annual basis, primary activities decreased by 12.2%, secondary activities fell by 2.8%, and tertiary activities increased by 0.4%.
The transportation, mail, and warehousing sector saw a 1% decline compared to last June. In its annual measurement, Mexico’s logistics industry also posted negative figures, with a 0.5% drop in activity, according to the IGAE (Spanish Institute of Statistics and Census).
The seventh-month decline in the IGAE index, which provides insight into and monitoring of short-term real-sector economic developments, comes amid uncertainty stemming from global tariffs.
According to the financial institution Banamex , the slowdown in the United States economy, as well as a less dynamic labor market, among other factors, maintain a moderate outlook for the Mexican economy, which will remain in place for the remainder of 2025.
Manufacturing activity falls in August
After showing a 0.6% rebound in July, Mexico’s manufacturing activity is expected to decline in August 2025, according to data from the Timely Monthly Indicator of Manufacturing Activity (IMOAM) .
According to the results of the IMOAM (National Institute of Statistics and Census), published this Tuesday by the National Institute of Statistics and Census (INEGI), a 2.3% decrease in industrial activity is anticipated compared to the same month in 2024.
The agency detailed that in the eighth month of the year, the aforementioned indicator registered a value of 108.2 points .
With the August projection, the IMOAM broke the streak of three consecutive months of strong performance.
It is worth remembering that last July, the physical volume of manufacturing production registered a monthly drop of 2.7% and also decreased at an annual rate of 1.1%, according to the results of the Monthly Survey of the Manufacturing Industry (EMIM) .
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