Macro Analysis /
Global

IGAE – Notable sequential contraction as conditions worsened in August

  • The monthly GDP-proxy IGAE plunged 1.6% m/m (4.3% y/y), below consensus and consistent with a more complex backdrop

  • Figures suggest an impact from the ‘third wave’ of COVID-19, albeit more modest relative to the first outbreak

  • This result inserts relevant downward risks to our 3Q21 GDP forecast at +0.6% q/q, which will be published on Friday

Juan Carlos Alderete Macal
Juan Carlos Alderete Macal

Director of Economic Research

Francisco Jose Flores Serrano
Francisco Jose Flores Serrano

Senior Economist, Mexico

Banorte
25 October 2021
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