Francisco Jose Flores Serrano


Senior Economist, Mexico @ Banorte

Francisco Flores is the Senior Economist for Mexico within the Economic Research department in Grupo Financiero Banorte. His responsibilities include the analysis and forecast of the main Mexican macroeconomic variables, with special focus on economic activity, inflation, labor market and public finances. He was recently recognized with the Refinitiv StarMine Award as the best forecaster for the Mexican economy in 2019. Francisco holds a Bachelor’s degree in Economics from Universidad Anáhuac, where he graduated summa cum laude.

Francisco Jose Flores Serrano
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Latest articles from Francisco Jose Flores Serrano

Mexico: Ahead of the Curve

Proceeding in chronological order... Consumer confidence to extend higher in November. In our view, higher COVID-19 cases, supply chain issues and price pressures took a toll on performance. On the contrary, services within the GDP-proxy fell 0.3%, w...
Banorte Juan Carlos
Juan Carlos Alderete Macal @ Banorte 4 December 2021

Banxico –We now see a faster hiking pace in the next two meetings

Decisions will remain difficult and likely without unanimity. Also, Bostic and Daly have reiterated that it may be appropriate to reduce purchases at a faster pace. Upward inflation surprises in Mexico… In this backdrop, our estimate for inflation in...
Banorte Alejandro
Alejandro Padilla Santana @ Banorte 3 December 2021

Mexico: Minimum wage – 22% increase in 2022

The government continues with its policy of aiming for a gradual recovery in wages. As a result, an increasingly higher percentage of the population receives this compensation, as seen in the chart above. In this sense, we note that the percentage in...
Banorte Alejandro
Alejandro Padilla Santana @ Banorte 2 December 2021

Mexico: IMEF’s PMI surveys – A more modest advance of the economy in November

Both indicators decelerated relative to the previous month, although staying in expansion territory for a second consecutive period. As already mentioned, the indicator stood at 50.3pts, 0.4pts lower than the previous month. This is the case even tho...
Banorte Juan Carlos
Juan Carlos Alderete Macal @ Banorte 2 December 2021

Mexico: Banxico QR - No surprises, with lower growth but high inflation

Banxico published today its 3Q21 Quarterly Report (QR). Despite of the downward revision to 2021 GDP, employment forecasts were higher for both this year and next. In turn, the forecast for 2022 stands at 3.2%, slightly higher on a more benign base e...
Banorte Alejandro
Alejandro Padilla Santana @ Banorte 2 December 2021

Mexico: Family remittances –New historical high as employment picks up in the US

Growth remains vigorous at 33.8% y/y in the month and 25.6%% year-to-date, in a very solid path to a new historical high. In our view, inflows remain very favorable because of economic dynamism in the US. Meanwhile, the number of operations was 12.5 ...
Banorte Juan Carlos
Juan Carlos Alderete Macal @ Banorte 1 December 2021

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Francisco Jose Flores Serrano
Juan Carlos Alderete Macal
Fixed Income - Sovereign
Alejandro Padilla Santana