Mexico Economic Outlook
June 14, 2022Revised figures show that the economy expanded 1.0% quarter on quarter in Q1, marginally faster than previously estimated. The reading was driven by a sharp rebound in services activity, likely as the impact of last year’s labor outsourcing ban faded. Industrial output also picked up pace amid increased vehicle production and strong U.S. import demand, while the agricultural sector shrank. In Q2, available data suggests a continued—albeit milder—expansion, as higher inflation and interest rates weigh on activity. Experimental data from the statistics office pointed to a slowdown in economic growth in April due to softer services momentum. Moreover, both the manufacturing and services PMIs declined somewhat in May. However, strong employment and wage growth in the U.S. continues to spur remittances inflows, which should be buttressing consumption.
Mexico Economic GrowthIn 2022, growth is seen moderating sharply because of higher inflation and interest rates, limp investment due to weak business sentiment, and a much weaker expansion in the U.S.—Mexico’s largest trading partner by far. More positively, higher oil prices will aid government coffers. Disruptions to manufacturing supply chains and a potential hard economic landing in the U.S. are risks. FocusEconomics panelists project the economy to expand 1.9% in 2022, which is down 0.1 percentage points from last month’s forecast. In 2023, they see GDP growth of 2.1%.
Mexico Economy Data
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Mexico Economic News
August 4, 2022
Consumer confidence fell to 41.3 in July from June's 43.0.
August 1, 2022
The Mexican Institute of Financial Executives (IMEF) Manufacturing Purchasing Managers’ Index (PMI) rose to 52.2 in July from June's 49.3.
August 1, 2022
Remittances totaled USD 5.2 billion in June, reflecting a 15.6% year-on-year increase, following May's 14.3% year-on-year expansion. On a cumulative 12-month basis up to June, remittances summed USD 55.5 billion, following the USD 54.2 billion registered in May.
July 29, 2022
According to a preliminary estimate, economic growth was stable at 1.0% on a seasonally-adjusted quarter-on-quarter basis in the second quarter, beating market expectations.
July 27, 2022
Merchandise exports jumped 20.2% on an annual basis in June, following May’s 22.4% jump.