Mexico Economic Outlook
June 14, 2022
Revised figures show that the economy expanded 1.0% quarter on quarter in Q1, marginally faster than previously estimated. The reading was driven by a sharp rebound in services activity, likely as the impact of last year’s labor outsourcing ban faded. Industrial output also picked up pace amid increased vehicle production and strong U.S. import demand, while the agricultural sector shrank. In Q2, available data suggests a continued—albeit milder—expansion, as higher inflation and interest rates weigh on activity. Experimental data from the statistics office pointed to a slowdown in economic growth in April due to softer services momentum. Moreover, both the manufacturing and services PMIs declined somewhat in May. However, strong employment and wage growth in the U.S. continues to spur remittances inflows, which should be buttressing consumption.Mexico Economic Growth
In 2022, growth is seen moderating sharply because of higher inflation and interest rates, limp investment due to weak business sentiment, and a much weaker expansion in the U.S.—Mexico’s largest trading partner by far. More positively, higher oil prices will aid government coffers. Disruptions to manufacturing supply chains and a potential hard economic landing in the U.S. are risks. FocusEconomics panelists project the economy to expand 1.9% in 2022, which is down 0.1 percentage points from last month’s forecast. In 2023, they see GDP growth of 2.1%.Mexico Economy Data
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Mexico Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 6.87 | -0.24 % | Dec 31 |
| Exchange Rate | 18.93 | -0.29 % | Jan 01 |
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Mexico Economic News
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Mexico: Manufacturing PMI rises in November; non-manufacturing PMI improves
December 1, 2022
The Mexican Institute of Financial Executives (IMEF) Manufacturing Purchasing Managers’ Index (PMI) came in at 50.5 in November, up from October's 50.0, aided by faster growth in employment and inventories, and a recovery in new orders.
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Mexico: Merchandise exports rise at a softer rate in October
November 29, 2022
Merchandise exports shot up 17.7% in annual terms in October, following September’s 25.3% upturn.
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Mexico: Banxico hikes by 75 basis points in November
November 10, 2022
On 10 November, the Governing Board of the Bank of Mexico (Banxico) opted to raise the target for the overnight interbank interest rate by 75 basis points to 10.00%, marking the fourth consecutive 75 basis-point hike.
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Mexico: Inflation falls to lowest level since July in October
November 9, 2022
Inflation ticked down to 8.4% in October, which followed September’s 8.7%.
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Mexico: Consumer confidence is unchanged in October
November 7, 2022
Consumer confidence came in at 41.0 in October, unchanged from September.
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