The IMEF Manufacturing Indicator increased last October by 3.2 points compared to September at 50.1 units, putting it in the expansion zone after 16 consecutive months in negative territory, according to the private sector agency.
For its part, the IMEF indicator that measures commercial and services activity decreased 1.1 points in the previous October compared to the previous period, to settle at 47.7 units, placing itself in the contraction zone for the ninth consecutive month.
“These results confirm that the revival in economic activity stems mainly from the uptick in external demand,” IMEF said in its monthly report. “Figures from the OCTOBER IMEF indicator suggest that the rebound in economic activity has been asymmetrical,” added the institute, which brings together the financial managers of the main companies installed in the country.
The IMEF report released after last Friday from the National Institute of Statistics and Geography (Inegi) published that the Mexican economy grew by 12% in the third quarter of 2020 against the previous period, driven by an uptick in industrial activity.
The rebound came after the historical collapse of 17.1% of the second trimester, derived from the pandemic, according to the seasonally adjusted figures from Inegi.
Mexico’s economy relies heavily on economic cycles in the United States, its neighbor and major business partner. Mexico began in June 1st to gradually reactivate some sectors that have been closed since the end of March to prevent the spread of COVID-19.