Mexico's economy grew 0.6% in August 2026 from July and 3.5% from August 2025, according to the Global Indicator of Economic Activity (IGAE) released by Inegi on Friday, October 23 ([Inegi](https://www.inegi.org.mx/contenidos/saladeprensa/boletines/2026/igae/igae2026_10.pdf)). It is the largest annual increase since October 2023 and beat the 3.10% expected by analysts surveyed by Bloomberg Línea.
The figures are seasonally adjusted. Using unadjusted figures, annual growth was 3.3%. Here are the numbers by sector, the year's trend and what is expected for the end of the quarter.
How much Mexico's economy grew in August
| Indicator (August 2026, seasonally adjusted) | Monthly change | Annual change |
|---|---|---|
| Total IGAE | +0.6% | +3.5% |
| Primary activities (agriculture) | +3.5% | −3.3% |
| Secondary activities (industry) | +0.6% | +3.6% |
| Tertiary activities (services) | +0.2% | +3.7% |
Source: Inegi, bulletin 635/26, October 23, 2026. The index stood at 108.4 points (2018 = 100). Primary activities rose in the month but fell from a year earlier, in a sector that tends to be volatile.
The sectors that moved Mexico's economy
| Sector | Monthly change | Annual change |
|---|---|---|
| Wholesale trade | +0.4% | +12.2% |
| Construction | 0.0% | +7.9% |
| Other services, except government | +2.7% | +7.1% |
| Mass media | +1.0% | +4.7% |
| Health and social assistance | +0.8% | +3.8% |
| Financial and insurance services | +1.4% | +3.7% |
| Manufacturing | +1.2% | +3.2% |
| Transport, mail and warehousing | −0.3% | +2.8% |
| Retail trade | +0.3% | +2.4% |
| Mining | −1.6% | −0.8% |
| Accommodation and food services | +0.5% | −3.1% |
Source: Inegi, table 1, seasonally adjusted figures. Wholesale trade and construction account for much of the annual gain. Manufacturing rose 1.2% in the month, while mining fell again.
Unadjusted figures: 3.3% annual growth
Unadjusted figures show annual growth of 3.3% in August and of 1.7% for January-August 2026 compared with the same period of 2025.
| Indicator (unadjusted) | Aug. 2026 vs. Aug. 2025 | Jan.-Aug. 2026 vs. 2025 |
|---|---|---|
| Total IGAE | +3.3% | +1.7% |
| Primary activities | −2.6% | +1.2% |
| Secondary activities | +3.5% | +0.8% |
| Construction | +7.5% | +3.5% |
| Manufacturing | +3.2% | −0.3% |
| Tertiary activities | +3.6% | +2.2% |
| Wholesale trade | +12.1% | +8.2% |
Source: Inegi, table 2. Year-to-date growth remains moderate because the first half was weak: in June the IGAE fell 0.1% month on month (Inegi).
The IGAE month by month in 2026
| Month | Monthly change | Annual change | Source |
|---|---|---|---|
| June | −0.1% | +1.7% | Inegi, bulletin 499/26 |
| July | +0.8% | +3.3% | Inegi, bulletin 603/26 |
| August | +0.6% | +3.5% | Inegi, bulletin 635/26 |
| September (nowcast) | +0.1% | +3.7% | Inegi, IOAE |
Sources: IGAE bulletins for June, July and August; seasonally adjusted figures. The September estimate comes from the Timely Indicator of Economic Activity, which has an error range (see the September estimate).
What the IGAE is and why it matters
The IGAE is Inegi's monthly approximation of gross domestic product. It is released about seven or eight weeks after each month ends and groups activity into three blocks: primary (agriculture, livestock, fishing), secondary (mining, electricity, construction and manufacturing) and tertiary (trade and services, the largest block). That is why the August figure anticipates how the third quarter will close before GDP is known.
Inegi publishes two versions. The seasonally adjusted one corrects for calendar effects, such as the number of working days or holidays, and is used to compare one month with the previous one. The unadjusted one is used for year-to-date figures. Both show the same thing in August: Mexico's economy picked up speed in the third quarter after a weak first half.
| IMF projection (October 2026) | 2025 | 2026 | 2027 |
|---|---|---|---|
| Mexico's GDP growth | +0.5% | +1.5% | +1.8% |
Source: IMF, World Economic Outlook, October 2026, as compiled in our growth ranking. With 1.7% growth in January-August, Mexico's economy is running somewhat above what the IMF projects for all of 2026.
What comes next for Mexico's economy
- Third-quarter GDP: Inegi will release its flash estimate at the end of October, including the September figure.
- Next IGAE: the September figure comes out on November 23, 2026, according to the bulletin.
- Inflation and rates: inflation rose to 3.62% in the first half of October (see inflation in Mexico) and Banxico keeps its rate at 6.5% (see the Latin American interest rate ranking).
- Jobs: unemployment fell to 2.8% in September, according to the ENOE survey (see unemployment in Mexico).
The strong activity figure contrasts with the weak peso, which has fallen for several weeks (see why the Mexican peso is falling).
Frequently asked questions
How much did Mexico's economy grow in August 2026?
0.6% from July and 3.5% year on year in seasonally adjusted terms, according to Inegi's IGAE. Unadjusted, 3.3% year on year.
What is the IGAE?
The Global Indicator of Economic Activity, published monthly by Inegi to track the economy in the short term. It is a monthly approximation of GDP.
Which sector grew the most in August?
Wholesale trade, up 12.2% year on year, followed by construction, up 7.9%.
Is it the fastest growth in how long?
It is the largest annual increase since October 2023, according to Bloomberg Línea using Inegi data.
When is the September IGAE released?
On November 23, 2026, according to Inegi's bulletin.
