Mexico's Industrial Production Declined in January

Mexico's industrial production experienced a decline in January, with output decreasing compared to both the previous month and the same period last year. According to data from the statistics agency Inegi, seasonally adjusted industrial production fell by 0.4% from December, marking the second consecutive monthly decline.

The mining sector was particularly hard hit, with production dropping by 1.8%. Within this sector, oil and gas production decreased by 1.3%, while mining-related services saw a significant decline of 13%. On a positive note, there was a slight increase of 0.9% in metal and other mineral extraction. Additionally, the manufacturing sector also faced a 0.3% decline from December, largely due to a 0.8% drop in the production of vehicles and automotive parts. Conversely, construction activities showed a modest increase of 0.1% compared to the previous month.