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Mexico's Industrial Recovery Continued in February

By Anthony Harrup

 

MEXICO CITY--Mexico's industrial production rose in February for a ninth consecutive month, with gains in mining and construction partially offset by a decline in manufacturing and utilities output.

Industrial output was up 0.4% in seasonally adjusted terms from January, the National Statistics Institute said Friday. Mining production rose 2.3%, including a 3% increase in oil and gas, and construction activity increased 2.5%.

Manufacturing and utilities output were negatively affected that month by a week of energy shortages suffered when the severe winter storm hit Texas, the main source of Mexico's natural gas.

Utilities output fell 3.8%, with electricity generation down 4.7%, while factory production was 2.1% lower. Production of vehicles and auto parts, which make up nearly a fifth of manufacturing output, was affected in some places by the energy outages and also by a global shortage of semiconductors.

Despite nine straight months of gains, production was 4.5% below the level of February of 2020 before the country felt the impact of industry shutdowns to slow the spread of the coronavirus. Adjusted for seasonal and calendar effects, such as the extra leap-year day in February 2020, output was down 3.1% from a year earlier.

 

Write to Anthony Harrup at anthony.harrup@wsj.com

 

(END) Dow Jones Newswires

April 09, 2021 07:49 ET (11:49 GMT)

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