How is Business Confidence in Mexico Performing?: INEGI Data for August 2026

Mexican business confidence in August 2026 presents a mixed signal. While the perception of business activity trends improved, the overall sentiment among executives remained cautious. According to the results of the Monthly Business Opinion Survey (EMOE) from the National Institute of Statistics and Geography (INEGI), the Global Business Confidence Opinion Indicator (IGOEC) stood at 48.2 points in August, unchanged from July on a seasonally adjusted basis.

Mexican Business Confidence: What Do the Main Indicators Say?

The IGOEC, which gauges the perception of regarding the country’s economic situation and their companies, remained at 48.2 points in August 2026. With this result, the indicator has accumulated 18 consecutive months below the 50-point threshold, a level used to identify a favorable or unfavorable business perception.

Furthermore, in its annual comparison, the indicator registered a decrease of 1.1 points, marking 28 consecutive months of annual declines. Meanwhile, the Global Business Trend Opinion Indicator (IGOET) reached 52.0 points, an increase of 0.8 points from July. This indicator has now been above 50 points for six consecutive months and, compared to August 2025, it advanced 2.6 points.

The difference between these two indicators is crucial for understanding the economic moment. While confidence reflects a broader perception of current and future conditions, the trend indicator shows how business leaders view the behavior of variables related to their business activities.

Four Sectors Show Different Business Confidence Trends

The EMOE analyzes the perceptions of executives across four major activities:

Manufacturing Industries
Construction
Trade
Non-financial Private Services

The August results reveal significant differences among them. In the case of Manufacturing Industries, the Aggregate Trend Indicator (IAT) reached 53.0 points, a monthly increase of 0.7 points. With this, manufacturing has remained above 50 points for eight consecutive months.

This advance was accompanied by improvements in several of its components:

Production reached 53.4 points, a monthly increase of 1.2 points.
Plant capacity utilization reached 54.6 points, an increase of 3.4 points.
Exports stood at 54.7 points, up 2.0 points from July.
Total employed personnel reached 49.5 points, although it remained below 50 points.
Domestic demand for its products fell 1.7 points, to 53.4 points.

Construction Remains the Main Area of Caution

If there is one sector that still reflects greater pressure, it is construction. In August, its IAT stood at 45.9 points, a monthly reduction of 0.6 points, accumulating 23 consecutive months below the 50-point threshold.

However, internal data reveals a less uniform reality. The value of works executed as the main contractor reached 53.1 points, a monthly advance of 4.3 points and an annual increase of 10.1 points. Total employed personnel also stood above the threshold, at 51.0 points.

The main contrast lies in works performed as subcontractors, whose indicator fell to 27.4 points, a monthly drop of 5.7 points. This behavior may indicate that the recovery is not reaching the entire construction value chain homogeneously.

Trade Gains Momentum, Registering the Largest Trend Advance

Trade was one of the sectors showing a particularly positive signal in the trend indicators. Its IAT reached 54.2 points in August, an increase of 2.2 points from July. With this result, it has remained above 50 points for six consecutive months.

The components also show considerable improvement:

Net sales reached 56.1 points, a monthly increase of 2.9 points.
Income from consignment and/or commission reached 58.1 points, an advance of 4.4 points.
Net purchases reached 56.2 points, up 4.1 points from July.
Inventories stood at 48.4 points.
Total employed personnel reached 52.1 points.

In annual terms, trade presented one of the most significant advances, with its indicator increasing by 7.0 points. The Business Confidence Indicator for Trade decreased by 0.3 points in August, settling at 48.0 points. It was also the only one of the four sectors to show a monthly decrease.

This retreat was mainly associated with a lower perception of the country’s current economic situation, which fell 1.1 points.

Services Maintain Favorable Perception, Albeit with Reservations

Non-financial Private Services also showed positive evolution in their trend indicator. The IAT reached 51.6 points, a monthly increase of 0.4 points, marking 14 consecutive months above 50 points.

Among its components, income from service provision reached 52.9 points, while domestic demand for services reached 52.6 points. Spending on consumption of goods and services remained at 52.5 points.

The weak point was again employment: total employed personnel stood at 48.6 points, though it showed a slight monthly improvement of 0.2 points. In terms of business confidence, the sector reached 48.6 points, only 0.1 points higher than in July. Thus, it has accumulated 11 consecutive months below 50 points.

The component related to the opportune moment to invest increased by 2.2 points, while the perception of the country’s future economic situation decreased by 1.2 points. This suggests that service companies appear to be finding specific investment opportunities but remain uncertain about the general direction of the economy.

What Does This Mean for Mexican Businesses?

The INEGI results present a mixed picture for Mexican businesses. On one hand, confidence remains in negative territory, with 18 consecutive months below 50 points. Furthermore, the annual decline confirms that business perception is still less favorable than a year ago.

On the other hand, the IGOET has remained above 50 points for six consecutive months and shows an annual improvement of 2.6 points. Added to this is the performance of sectors such as manufacturing, trade, and services, which show trend indicators above the reference threshold.

In manufacturing, in particular, branches linked to strategic activities for the Mexican economy stand out.

During August, the annual trend indicator registered significant increases in:

Non-metallic and basic metal minerals: +12.1 points.
Computer equipment, electronic accessories, and electrical appliances: +11.1 points.
Petroleum derivatives, chemical, plastic, and rubber industries: +5.5 points. -Metallic products, machinery, equipment, and furniture: +4.9 points.

In trade, the annual indicator increased by 7.0 points, driven by both wholesale and retail trade. Meanwhile, non-financial private services advanced 0.5 points annually.