GDP in Mexico
Mexico - GDP
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 - GDP Data
| 2015 | 2016 | 2017 | 2018 | 2019 | |
|---|---|---|---|---|---|
| Economic Growth (GDP, annual variation in %) | 3.3 | 2.6 | 2.1 | 2.2 | -0.3 |
Mexico GDP Chart
Source: Mexico National Statistical Institute (INEGI) and FocusEconomics calculations.
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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Economic News
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Mexico: Manufacturing PMI decreases in October; non-Manufacturing PMI picks up
November 1, 2022
The Mexican Institute of Financial Executives (IMEF) Manufacturing Purchasing Managers’ Index (PMI) came in at 50.1 in October, down from September's 50.3.
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Mexico: GDP growth accelerates in the third quarter and beats market expectations
October 29, 2022
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%.
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Mexico: Merchandise exports increase in September
October 27, 2022
Merchandise exports soared 25.3% annually in September (August: +25.2% year-on-year).
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Mexico: Inflation holds stable in September
October 7, 2022
Inflation held steady at August's 8.7% in September, well above the Central Bank’s 2.0%–4.0% target range.
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Mexico: Consumer confidence increases but remains in negative territory in September
October 5, 2022
Consumer confidence rose to 41.0 in September from August's 40.9.
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