Mexico Economic Outlook
November 10, 2020Preliminary data revealed that GDP contracted at a softer annual pace in Q3 than in Q2 as activity gradually recovered from the Covid-19 blow. On a quarterly basis, the economy rebounded vigorously, growing at the sharpest rate on record. The results underlined an uneven recovery in the making: Firmer foreign demand largely buoyed the industrial sector via a solid recovery in exports, particularly those tied to manufacturing. Meanwhile, the key services sector, which accounts for about two thirds of the economy, lagged behind as some form of restrictions prevailed in most of the country and still-elevated unemployment and weak sentiment weighed on domestic demand. Looking ahead, this pattern seems to have continued into Q4: In October, the manufacturing PMI jumped to growth territory, albeit just barely, for the first time in 17 months, whereas the services PMI retreated further into contractionary terrain.
Mexico Economic GrowthEconomic activity will plummet this year due to the coronavirus fallout, before bouncing back to growth in 2021 as demand revives. That said, significant risks remain, including subdued sentiment constraining household and capital spending, uncertainty surrounding the course of the pandemic, and the lack of significant fiscal relief measures hindering the recovery. FocusEconomics panelists project the economy to expand 3.7% in 2021, which is unchanged from last month’s forecast. In 2022, they see GDP growth waning to 2.5%.
Mexico Economy Data
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|Bond Yield||6.87||-0.24 %||Dec 31|
|Exchange Rate||18.93||-0.29 %||Jan 01|
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Mexico Economic News
Mexico: Third estimate shows the economy recorded the best result since Q1 2020 in the first quarter
June 18, 2021
According to a third estimate, GDP contracted at a slower rate of 3.6% year-on-year in the first quarter, above the 4.5% contraction recorded in the fourth quarter of last year.
June 9, 2021
Consumer prices increased 0.20% over the previous month in May, coming in below April's 0.33% rise.
June 3, 2021
Consumer confidence came in at 42.7 in May, up from April's 42.4.
June 1, 2021
The IHS Markit Manufacturing Purchasing Managers’ Index (PMI) fell to 47.6 in May from April's 48.4.
June 1, 2021
Remittances totaled USD 4.1 billion in April, representing a 39.1% year-on-year increase.