National statistics institute Inegi reported that industrial output climbed 0.8% while services grew 1.1%, offsetting a marginal 0.4% decline in the agricultural sector. Although growth slowed from the 1.4% expansion recorded in the second quarter, analysts view the deceleration as a natural stabilization rather than a sign of weakness. Capital Economics revised its full-year growth forecast to 1.8%, citing the strength of domestic investment and hardware exports.

Goldman Sachs echoed this sentiment, lifting its annual projection to 1.9% as labor-intensive services and industrial activity maintain high performance levels. Despite this positive trajectory, the Bank of Mexico faces a complex path regarding monetary policy. A combination of better-than-expected economic output and the recent depreciation of the peso has tempered pressure to lower interest rates. Economists at Oxford Economics noted that rising consumer prices and the current recovery cycle have effectively reduced the urgency for further rate cuts, even among board members who previously signaled support for such moves.