Mexico Economic Outlook
October 13, 2020
Incoming data alludes to a gradual recovery in Q3, mainly propelled by the external sector, following the unparalleled GDP collapse in Q2 on the Covid-19 fallout. Trade data for July–August indicates that manufacturing exports recouped most of the losses suffered during the worst of the crisis in Q2. However, heavy declines in imports and a still-elevated unemployment rate during the same period point to a slower recovery in domestic demand. Encouragingly, the services PMI bounced back from August’s dip in September, hinting that the sector might be gaining some traction. Meanwhile, on 5 October, the government unveiled a mostly privately financed MXN 297 billion (about USD 13.8 billion) infrastructure plan to revive the ailing economy. The next day, on completion of its annual visit, the IMF encouraged authorities to enact larger near-term fiscal and monetary support to aid the recovery.Mexico Economic Growth
This year, the economy is seen contracting massively as the pandemic takes its toll. Heavy losses in employment and incomes, coupled with elevated uncertainty, will pummel domestic demand. The economy should recover next year, however, as activity gradually revives. A prolongation of the health crisis and the timid fiscal response represent key risks to the outlook. FocusEconomics panelists project the economy to contract 9.9% in 2020. In 2021, the economy is seen rebounding and growing 3.7%, which is unchanged from last month’s forecast.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: Consumer confidence climbs for fourth consecutive month in September
October 5, 2020
Consumer confidence continued to strengthen, albeit gradually, through September from April’s three-year low when Covid-19 started to take its toll, with the seasonally-adjusted consumer confidence indicator published by the Statistical Institute (INEGI) coming in at 35.9 points, slightly above August’s 34.6 reading. The climb reflected a broad-based strengthening across the indicator components.
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Mexico: Remittances growth moderates again in August
October 1, 2020
Remittances totaled USD 3.6 billion in August (July: USD 3.5 billion), representing a 5.3% increase from the same month a year ago but easing from the 7.2% jump logged in July.
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Mexico: Manufacturing PMIs climb in September but remain deep in contractionary territory
October 1, 2020
The seasonally-adjusted manufacturing Purchasing Managers’ Index (PMI) produced by the Mexican Institute of Financial Executives (IMEF) edged up from 45.3 in August to 46.4 in September.
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Mexico: Merchandise exports fall less severely in August
September 28, 2020
Merchandise exports declined 7.7% on an annual basis in August, less severely than July’s 8.9% drop.
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Mexico: Economic activity slows in July
September 25, 2020
The monthly indicator for economic activity (IGAE) rose 5.7% in month-on-month, seasonally-adjusted terms in July, below June’s 8.8% expansion which had marked the strongest increase on record.
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