Mexico Economic Outlook
November 10, 2020
Preliminary 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 Growth
Economic 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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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 hits highest level since December 2018 in March
April 8, 2021
Consumer prices increased 0.83% over the previous month in March, accelerating from February's 0.63% rise.
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Mexico: Consumer confidence hits one-year high in March
April 6, 2021
Consumer confidence came in at 40.4 in March, up from February's 38.4.
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Mexico: Manufacturing PMIs improve in March
April 5, 2021
The seasonally-adjusted manufacturing PMI produced by IHS Markit climbed from 44.2 in February to 45.6 in March, the highest reading in one year.
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Mexico: Merchandise exports contract at a milder rate in February
March 26, 2021
Merchandise exports fell 1.1% year-on-year in February (January: -2.6% year-on-year), driven by lower non-oil exports.
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Mexico: Economic activity rises in January
March 25, 2021
The monthly indicator for economic activity (IGAE) grew 0.1% in month-on-month seasonally-adjusted terms in January, which up from the previous month's flat reading.
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