IMEF detects signs of renewed economic stagnation as Mexico’s growth loses momentum

Mexico’s recent recovery appears to be losing force. The Mexican Institute of Finance Executives, known as IMEF, said its August 2026 indicators showed renewed signs of stagnation, although they did not point to a sharp deterioration in economic activity.

The institute’s indicators use five qualitative survey questions to anticipate the direction of manufacturing and non-manufacturing activity, and from those trends infer the economy’s likely short-term path. The latest results describe an economy still close to a low-growth situation. The period of greatest weakness appears to have eased, but the recent advance has lost traction and there are no firm signs of sustained expansion.

The IMEF Manufacturing Indicator remained unchanged from July at 49.7 points. Because 50 marks the boundary between expansion and contraction, the reading stayed in contraction territory for the 29th consecutive month.

The non-manufacturing indicator weakened more clearly, falling 0.9 points from 49.6 to 48.7. That pushed it farther below the neutral threshold and deepened its presence in contraction territory.

The IMEF index ranges from zero to 100. A reading above 50 signals expansion, while a reading below 50 signals contraction. The report’s accompanying economic assessment also said core inflation, which guides the short-term trend, remained persistent at close to 4%, despite the broader decline in inflation.