Fixed investment, in recovery phase
Inegi reported that in October 2025 the gross fixed investment increased 0.9% in real terms compared to the previous month, recovering from the drop observed in September. This indicator, which measures capital formation in productive assets (such as construction, machinery and equipment), represents a sign of economic recovery after months of mixed results.
According to Monex analysis, this advance was mainly driven by dynamism in construction spending, which grew 3.9% monthly, with residential construction registering its greatest advance since May 2025. The machinery and equipment component, in contrast, showed a monthly contraction of 2.2%, reflecting that productive investment still faces business caution.
Despite the monthly rebound, in accumulated terms gross fixed investment continues below 2024 levels, with an annual contraction explained by a slowdown in both private and public projects.
Private consumption surprises with greater dynamism
Not only investment showed signs of recovery, private consumption also surprised positively in October. After months of low growth, Mexican households increased their spending on goods and services, registering an increase of 0.8% monthly, according to seasonally adjusted data.
This boost to consumption was thanks to spending on imported goods, which showed an unusually strong performance, in contrast to spending of national origin, which remained more moderate.
The joint reading of these indicators—rebound in fixed investment and acceleration in consumption—suggests a limited improvement in domestic demand, although still on a fragile structural basis. Monex analysts point out that these advances could indicate that the Mexican economy is emerging from the sluggish investment and consumption that characterized much of 2025, although they warn that the trend is neither uniform nor robust.
