Mexico Economic Outlook
December 3, 2019
A second GDP release revealed that the economy contracted again in Q3, though to a lesser extent than in Q2. Although both agricultural output and services sector activity rebounded, the industrial sector continued to disappoint as the mining and construction industries remained in the doldrums. Notably, the release also included revisions to previous data which indicated the economy entered a mild recession earlier this year. Taken as a whole, however, the data paints more a picture of an economy reeling through complete stagnation so far this year. Turning to the fourth quarter, both the manufacturing and services PMI slid deeper into negative territory in October, boding ill for prospects of a significant bounce-back in overall activity. In other news, in a bid to shore up the economy, the government announced on 26 November the first phase of a MXN 859 billion infrastructure program—financed entirely by the private sector and focusing on transportation projects to be developed through 2024.Mexico Economic Growth
Next year, growth is projected to pick up modestly on firmer domestic demand, particularly on a rebound in public spending and business investment. Solid household consumption and looser monetary conditions should also support the expansion. Heavily-indebted Pemex, policy uncertainty weighing on confidence and U.S. tariff threats remain key risks to the outlook. FocusEconomics panelists expect growth of 1.2% in 2020, which is down 0.1 percentage points from last month’s forecast, and 1.8% 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
Mexico: Consumer sentiment steady in December
January 10, 2020
Consumer confidence was unchanged in December, with the seasonally-adjusted consumer confidence indicator published by the Statistical Institute (INEGI) coming in at 43.4 points, matching November’s reading.
Mexico: Inflation falls to over three-year low in December
January 9, 2020
Consumer prices rose 0.56% from the previous month in December, following the 0.81% month-on-month increase logged in November.
Mexico: Manufacturing PMIs remain in contractionary territory at end-2019
January 2, 2020
The seasonally-adjusted manufacturing Purchasing Managers’ Index (PMI) produced by the Mexican Institute of Financial Executives (IMEF) inched up to 46.8 in December from 46.6 in November, signaling a slightly softer contraction in the manufacturing sector compared to November.
Mexico: Remittances fall for the first time in over three years in November
January 1, 2020
Remittances totaled USD 2.9 billion in November (October: USD 3.1 billion), a 2.3% decline from the same month a year ago (October: +3.6% year-on-year) and marking the first drop since March 2016.
Mexico: Exports slip for third successive month in November
December 27, 2019
Exports dipped 2.9% year-on-year in November, following October’s softer 1.5% slip and marking the third consecutive month of falling exports.
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