Report published September 24, 2026

Goldman Sachs: Mexico Strong Real Activity Growth in July Driven by Services and Manufacturing Construction

Goldman Sachs · September 24, 2026

Mexico's monthly economic activity indicator (IGAE) expanded 0.76% mom sa in July 2026, well above the 0.15% consensus forecast, driven by services and manufacturing/construction. Real GDP carry-over is tracking at 0.6% qoq sa for 3Q2026 and 1.9% for 2026 overall.

Read the full report

Read the remaining 4 pages

View Report Sign in

Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.

Key Takeaways

1.Mexican real economic activity (IGAE) surged 0.76% mom sa in July 2026 (3.36% yoy), significantly beating consensus expectations of 0.15% mom sa.
2.Growth in July was primarily led by the labor-intensive tertiary sector (1.2% mom sa) and secondary sector (+0.5% mom sa), supported by manufacturing and construction.
3.Statistical carry-over for Mexican real GDP growth is tracking at 0.6% qoq sa for 3Q2026 and 1.9% for full-year 2026.

KEY NUMBERS (Jul):
DETAILS:
Firm Real Activity in July; Activity Above the Pre-Pandemic Level But Visibly Below Trend-Line

Report data

Firm Real Activity in July; Activity Above the Pre-Pandemic Level But Visibly Below Trend-Line

Metric	Estimate	Context
IGAE Real Activity Growth	0.76 % mom sa	Reported monthly growth vs. 0.15% consensus and 0.20% GS forecast
IGAE Real Activity Growth	3.36 % yoy	Annual growth versus consensus at 2.50% yoy
Tertiary Sector Growth	1.2 % mom sa	Firming from soft May/Jun 0.2%/0.0% mom sa prints
Secondary Sector Growth	0.5 % mom sa	Driven by manufacturing and construction
Real GDP Statistical Carry-over	0.6 % qoq sa	Monthly IGAE statistical carry for real GDP growth for 3Q2026