Consumption in Mexico
Mexico - Consumption
Third reading shows GDP recorded sharpest contraction since Q2 2020 in Q3
GDP declined 0.4% on a seasonally-adjusted quarter-on-quarter basis in the third quarter, contrasting the 1.2% expansion logged in the second quarter. Q3's reading marked the sharpest drop since Q2 2020, with activity weighed on by surging Covid-19 cases and the impact of the law restricting labor outsourcing.
Private consumption contracted 0.4% in Q3 (Q2: +1.7% s.a. qoq). Government spending dropped 2.3% (Q2: +3.3% s.a. qoq). Meanwhile, fixed investment growth fell to 1.3% in Q3 (Q2: +1.4% s.a. qoq).
Exports of goods and services bounced back, growing 3.7% seasonally-adjusted quarter-on-quarter in the third quarter (Q2: -0.9% s.a. qoq). In addition, imports of goods and services growth picked up, expanding 2.2% in Q3 (Q2: +0.1% s.a. qoq).
On an annual basis, economic growth moderated to 4.5% in Q3, following the previous period's 19.9% growth.
Looking to Q4, flash estimates for economic activity in October and November suggest that the economy gained steam, as Covid-19 infections fell and the impact of the outsourcing law likely faded.
FocusEconomics panelists project the economy to expand 2.9% in 2022, which is down 0.1 percentage points from last month’s forecast. In 2023, they see GDP growth waning to 2.2%.
Mexico - Consumption Data
|Consumption (annual variation in %)||2.7||3.8||3.2||2.3||0.6|
5 years of economic forecasts for more than 30 economic indicators.
|Bond Yield||6.87||-0.24 %||Dec 31|
|Exchange Rate||18.93||-0.29 %||Jan 01|
Get a sample report showing our regional, country and commodities data and analysis.
Request a Trial
Start working with the reports used by the world’s major financial institutions, multinational enterprises & government agencies now. Click on the button below to get started.
January 25, 2022
The monthly indicator for economic activity (IGAE) rose 0.3% month-on-month in seasonally-adjusted terms in November (October: -0.2% mom).
January 7, 2022
Consumer prices rose 0.36% from the previous month in December, which was below the 1.14% increase recorded in November.
January 5, 2022
Consumer confidence fell to 44.5 in December from November's 46.0.
January 3, 2022
Remittances summed USD 4.7 billion in November, representing a 37.7% year-on-year surge.
January 3, 2022
The Mexican Institute of Financial Executives (IMEF) Manufacturing Purchasing Managers’ Index (PMI) rose to 52.6 in December from November's 50.8.