Mexico’s economic activity index fell 0.2% year-on-year in May 2025, following a revised 1.7% drop in April and missing market expectations of 0.5% growth. Industrial production declined by 0.8%, easing from a 4% contraction the previous month, as mining output dropped 8.4% (vs. -7.7%) and utilities fell 3.7% (vs. -1.8%). Manufacturing offered a modest rebound, rising 0.5% after a 2.5% decline in April. Meanwhile, services output shrank by 0.2%, following a 0.5% decrease in April, weighed down by sharp contractions in wholesale trade (-9.9% vs. -8.4%), accommodation and food services (-1.6% vs. -1.9%), and cultural, sporting, and recreational activities (-0.2% vs. +7.5%).