Mexico Economic Outlook
May 19, 2020
Preliminary data revealed that the economy shrank for the fourth successive quarter and at the steepest rate since the 2009 global financial crisis in Q1, as the Covid-19 pandemic started to take its toll. A still-reeling industrial sector and a sharp pullback in services activity led the downturn. It will be in Q2, however, that the full brunt of the coronavirus shock will be felt. Output in the automotive sector, which forms the backbone of the country’s manufacturing industry, collapsed by 99% in April as plants shut down operations. Moreover, business closures and evaporated demand led both the manufacturing and services PMI to plunge to historic lows in the same month while a record number of formal jobs were lost from March. Meanwhile, on 13 May, authorities announced the gradual lifting of restrictions to get the economy back online, with the crucial auto industry among the first to restart operations.Mexico Economic Growth
The economy is set to suffer a deep recession this year. Social distancing measures are set to hammer household spending; investment will be derailed amid elevated uncertainty; and exports will crumble as the pandemic ravages global demand. The shaky finances of debt-saddled Pemex and economic difficulties in the U.S. are major risks ahead. FocusEconomics panelists project the economy to contract 7.1% in 2020, which is down 2.0 percentage points from last month’s forecast, and grow 2.6% in 2021.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: Inflation climbs in June
July 9, 2020
Consumer prices rose 0.55% in June over the previous month, following the 0.38% increase logged in May.
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Mexico: Manufacturing PMIs climb in June but remain well entrenched in contractionary terrain
July 1, 2020
The seasonally-adjusted manufacturing Purchasing Managers’ Index (PMI) produced by the Mexican Institute of Financial Executives (IMEF) clawed back up to 42.0 in June from 37.6 in May, which had marked the lowest reading on record.
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Mexico: Remittances rebound in May despite Covid-19 hammering U.S. jobs market
July 1, 2020
Remittances totaled USD 3.4 billion in May (April: USD 2.9 billion), representing a 3.0% increase from the same month a year ago and rebounding from the 2.6% drop logged in April which had marked the steepest fall in over four years.
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Mexico: Economic activity falls at record pace in April
June 26, 2020
The monthly indicator for economic activity (IGAE) collapsed 17.3% month-on-month in seasonally-adjusted terms in April (March: -1.3% mom).
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Mexico: Exports and imports collapse at record-breaking pace in May
June 26, 2020
Exports crashed 56.7% year-on-year in May, marking a new record-breaking drop after April had already registered a record 40.9% fall.
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