Consumption in Mexico
Mexico - Consumption
GDP growth accelerates in the third quarter and beats market expectations
According to a preliminary reading, GDP growth accelerated somewhat to 1.0% on a seasonally adjusted quarter-on-quarter basis in the third quarter, up from 0.9% in the second quarter and beating market expectations for a slowdown to 0.6%.
The services sector grew 1.2% over the previous quarter in seasonally-adjusted terms in the third quarter, edging up from the second quarter's 0.9% increase. The reading was likely aided by a recovering tourism sector, the fading impact of both Covid-19 and last year’s outsourcing ban, and strong remittances. Meanwhile, industrial sector growth was steady at 0.9% in Q3, amid strong vehicle production in the quarter. Primary sector growth improved to 1.8% in Q3, compared to the 0.9% expansion recorded in the prior quarter.
On an annual basis, economic growth improved to 4.2% in Q3, following the previous period's 2.0% increase. Q3's reading marked the best result since Q3 2021.
Despite the upside Q3 surprise, our panelists see economic conditions deteriorating ahead amid tighter monetary policy, slowing growth abroad and the end of the post-pandemic normalization of services activity.
FocusEconomics panelists project the economy to expand 1.9% in 2022, which is unchanged from last month’s forecast. In 2023, they see GDP growth of 1.9%.
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|
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December 1, 2022
The Mexican Institute of Financial Executives (IMEF) Manufacturing Purchasing Managers’ Index (PMI) came in at 50.5 in November, up from October's 50.0, aided by faster growth in employment and inventories, and a recovery in new orders.
November 29, 2022
Merchandise exports shot up 17.7% in annual terms in October, following September’s 25.3% upturn.
November 10, 2022
On 10 November, the Governing Board of the Bank of Mexico (Banxico) opted to raise the target for the overnight interbank interest rate by 75 basis points to 10.00%, marking the fourth consecutive 75 basis-point hike.
November 9, 2022
Inflation ticked down to 8.4% in October, which followed September’s 8.7%.
November 7, 2022
Consumer confidence came in at 41.0 in October, unchanged from September.