The economic activity in Mexico advanced 1.3% year-on-year in March of 2019, accelerating from a 1.1% growth in the previous month and above market expectations of 1.2%. Services sector rose 1.8% (from 1.6% in February), boosted by professionals, scientists & technical services; corporate business support services and waste, waste management & remediation services (9.3% from 5.7%) and educational services; health & social assistance services (2.2% from 0.5%). Also, the secondary sector edged down 0.1%, after a 1% fall in February, as mining (-6% from -6.5%) and construction (-2.9% from -1%) continued to drop while manufacturing rose further (2.8% from 0.8%) and utilities rebounded (0.9% from -1.3%). Meanwhile, the agricultural sector expanded 5.4%, easing from a 10.9% jump in the prior month. On a seasonally adjusted monthly basis, economic activity contracted 0.6%. Leading Economic Index in Mexico averaged 2.43 percent from 1994 until 2019, reaching an all time high of 12.60 percent in October of 1996 and a record low of -11 percent in April of 2009.
Leading Economic Index in Mexico is expected to be 2.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Leading Economic Index in Mexico to stand at 2.00 in 12 months time. In the long-term, the Mexico Overall Index of Economic Activity is projected to trend around 2.40 percent in 2020, according to our econometric models.