Private investment may face obstacles due to increasing uncertainty, both from internal and external factors, mentioned the chief economist of Ve por Más, Alejandro Saldaña. At Banorte, they view the construction sector optimistically due to industrial spaces, as the Mexican Association of Private Industrial Parks (AMPIP) reported that 93 industrial parks are being built in the country, with an investment of 4 billion dollars in a month.
On the other hand, the mining sector experienced a decline of 4.3%, thus accumulating 15 consecutive months of annual decreases. In September, there were also annual advances in the basic services and manufacturing sectors.
Regarding Mexican manufacturing, despite showing resilience, the Valmex analysis team suggests it could face a slowdown in the coming months due to weakness in the manufacturing sector of the United States, which would imply a lower demand for Mexican exports.
From January to September, the industry as a whole recorded a growth of 1%, the lowest since 2020 and significantly lower than the 3.4% of the previous year. Construction advanced by 6.3% in the same period. In September, the Monthly Industrial Activity Indicator (IMAI) reported a stagnation in annual variation.
In relation to GDP figures, the industrial sector during the third quarter seemed less dynamic, anticipating a possible downward revision in that indicator. A slowdown in construction, particularly in civil engineering works, is expected to continue due to the completion of emblematic projects from the previous administration. In this scenario, a growth of 0.9% is projected for 2024 and a decline of 1.1% in 2025, according to estimates from Citibanamex and sector specialists.
