GDP in Mexico
Mexico - GDP
Economy shrinks for third consecutive quarter in Q4 2019
The economy contracted for the third consecutive quarter in the final stretch of 2019, according to a preliminary GDP estimate released by the Statistical Institute (INEGI) on 30 January. Economic activity fell 0.3% in year-on-year, unadjusted terms in Q4, matching the third quarter’s decline. On a seasonally-adjusted, quarter-on-quarter basis, output flatlined in Q4, also unchanged from the previous quarter’s reading but landing above market expectations. For the year as a whole, GDP shrank 0.1%, contrasting 2018’s 2.1% expansion and marking the first slump since the economic crisis of 2009.
The slip confirmed continued weakness in the secondary sector of the economy. Industrial-sector output fell a sharper 1.8% year-on-year (Q3: -1.4% year-on-year) as construction and mining activity continued to disappoint. Moreover, agricultural production lost considerable steam, expanding 1.9% on an annual basis (Q3: +5.4% yoy). Somewhat more encouragingly, services-sector activity quickened slightly, though remained subdued overall (Q4: +0.2% yoy; Q3: +0.1% yoy).
The INEGI will release a second GDP estimate on 25 February.
FocusEconomics Consensus Forecast panelists see growth at 1.0% in 2020, which is down 0.2 percentage points from last month’s forecast, and at 1.7% in 2021.
Mexico - GDP Data
|Economic Growth (GDP, annual variation in %)||2.8||3.3||2.9||2.1||2.0|
5 years of economic forecasts for more than 30 economic indicators.
Mexico GDP Chart
Source: Mexico National Statistical Institute (INEGI) and FocusEconomics calculations.
|Bond Yield||6.87||-0.24 %||Dec 31|
|Exchange Rate||18.93||-0.29 %||Jan 01|
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February 13, 2020
At its first meeting of the year on 13 February, the Governing Board of the Bank of Mexico (Banxico) unanimously decided to slash the target for the overnight interbank interest rate by 25 basis points to 7.00%, marking the fifth consecutive cut and coming in line with market expectations.
February 7, 2020
Consumer confidence improved slightly at the outturn of 2020, with the seasonally-adjusted consumer confidence indicator published by the Statistical Institute (INEGI) coming in at 44.2 points in January, up from December’s 43.5 reading.
February 7, 2020
Consumer prices rose 0.48% from the previous month in January, following the 0.56% month-on-month increase logged in December.
February 5, 2020
The seasonally-adjusted manufacturing Purchasing Managers’ Index (PMI) produced by the Mexican Institute of Financial Executives (IMEF) climbed from 47.0 in December to 48.2 at the start of 2020, signaling a softer contraction in the manufacturing sector.
February 4, 2020
Remittances totaled USD 3.1 billion in the final month of 2019 (November: USD 2.9 billion), a 3.1% increase from the same month in 2018 and contrasting the 2.3% decline logged in November, which was the first in over three years.