The Mexican economy continues to stagnate, showing zero growth in October. This is evidenced by the preliminary Leading Indicator of Economic Activity (IOAE), published by the National Institute of Statistics and Geography (Inegi). Compared to September and October of the previous year, the country's economy showed no momentum. The main factor restraining growth was a contraction in the industrial sector. Activity in industry, including mining, energy, construction, and manufacturing, decreased by 2.1% year-on-year, although it saw a slight monthly increase of 0.1%. This sector is particularly crucial as it drives investment, creates formal jobs, and fuels exports. Meanwhile, the services and trade sector, which accounts for over 60% of GDP, showed an annual growth of 0.9% but a monthly decrease of 0.2%. Analysts from the consulting group México, ¿Cómo vamos? stated: "If the central estimate for September and October 2025 is confirmed, economic activity would remain below the peak reached in July 2024, though slightly above the level recorded in July 2025." The consultants emphasize that encouraging growth through investment is essential to boost the economy and meet the goals of the 'Mexico Plan'. For seven consecutive months, there has been a capital outflow from Mexican debt securities. The official data for the Global Economic Activity Indicator (IGAE) for October will be released in December, but all signs point to the continuation of the current trend: an economy that is not receding, but failing to accelerate. Therefore, stagnation remains the best word to describe Mexico's current economic moment.
