Signs of economic cooling continue at the start of 2026, as industrial sector data for January indicates a 1.1% drop compared to December and on an annual basis, mainly dragged down by declines in construction and manufacturing. Data published this Friday by INEGI reveals an interruption in the streak of three consecutive months of growth and marks the largest drop in the last 13 months. The biggest impacts on the industry at the start of the year are related to a decline in manufacturing, which has the largest weight in the sector, affected by the imposition of tariffs in the United States on the automotive and steel industries; and also by construction, affected by limited public spending. In detail, it is observed that the Generation, transmission, distribution and marketing of electricity, supply of water and natural gas by pipelines to the final consumer decreased by 1.9%; while Mining, Construction and Manufacturing industries fell by 1.1 percent compared to December. Barclays sees a favorable scenario for T-MEC and contained shocks from the Middle East. On the other hand, in the annual comparison, construction recorded the largest decline in the sector, with a 5.0% increase; Mining, 1.0%; and Generation, transmission, distribution and marketing of electricity, supply of water and natural gas by pipelines to the final consumer, 0.6%. "The greater economic growth expected in the United States will support manufacturing exports, coupled with the expectation of greater commercial clarity with the renewal of T-MEC," explained Alejandro Saldaña, an analyst at Ve por Más.
