Mexico | Manufacturing sluggishness in August

The BBVA Research Multidimensional Manufacturing Indicator (IMM BBVA Research) grew 3.2% YoY in August, broadly unchanged from the 1H26 average (3.1%).

Key points

• Key points:
• The slowdown in activity in the automotive and auto parts sector could extend into the final quarter of the year, amid sluggish growth in U.S. sales in this segment.
• The strength of the non-automotive segment, particularly computer and telecommunications equipment, would partially offset the slowdown in the automotive and auto parts sector.
• Prolonged weakness in domestic demand and persistent caution in investment decisions will continue to constrain the sector’s growth.
• Momentum in segments linked to U.S. artificial intelligence value chains could provide some relief, supporting a moderate recovery in production toward 2027.

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