Mexico | Manufacturing loses momentum in February; pressure at the end of Q1 2026

Summary

The BBVA Research Multidimensional Manufacturing Indicator grew 4.0% YoY in February, moderating the dynamism observed in the first month of the year, although remaining in positive territory for the sixth consecutive month.

Key points

• Key points:
• The sector’s performance continues to be supported by the resilience of private consumption in the U.S. and demand linked to investment in information technologies.
• The recent slowdown suggests a normalization of growth following the inflection point at the end of 2025, in a context of higher energy costs and mixed signals in U.S. manufacturing activity.
• In terms of capacity utilization, fifteen out of twenty-one subsectors remain below their January 2025 levels, although gains are notable in petroleum products, computing, and machinery.
• Looking ahead, a more challenging environment is expected, amid weaker industrial momentum in the U.S., higher energy input costs, and persistent trade policy uncertainty.

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