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 from Francisco Jose Flores Serrano

Mexico: November CPI – Strong downward surprise, both at the core and non-core

Headline inflation grew 0.58% m/m, with the core at 0.45%, mostly explained by the positive effects of El Buen Fin. As such, annual headline inflation fell to 7.80% from 8.41%, but the core climbed to 8.51% (previous: 8.42%). Given this result, we re...
Banorte Juan Carlos
Juan Carlos Alderete Macal @ Banorte 8 December 2022

Mexico: Domestic demand–A step back in investment while consumption consolidates

GFI fell 0.9% m/m (+3.3% y/y) with machinery and equipment down by 1.4% and construction at -0.8%. Consumption rose 0.4% m/m (+6.1% y/y), boosted by imported goods (+1.4%) and services (+0.6%). We believe consumption will remain as the main driver fo...
Banorte Juan Carlos
Juan Carlos Alderete Macal @ Banorte 6 December 2022

Weekly economic calendar - For the week ending December 9, 2022

In the US, University of Michigan’s consumer sentiment and trade balance. Final 3Q22 GDP in the Eurozone, trade balance and inflation in China, and monetary policy decision in Brazil. In Mexico, November CPI, GFI, private consumption, and the banking...
Banorte Alejandro
Alejandro Padilla Santana @ Banorte 5 December 2022

Mexico: Ahead of the Curve

CPI in November up 0.69% m/m (+7.92% y/y), with positive seasonality at the core and a well-behaved non-core. GFI in September to climb 0.1% m/m (+5.3% y/y) despite sequential declines in construction and machinery & equipment. Other relevant release...
Banorte Juan Carlos
Juan Carlos Alderete Macal @ Banorte 2 December 2022

Mexico: Minimum Wage – 20% increase in 2023

Today, CONASAMI announced a 20% increase in the minimum wage for 2023, from $172.87 to $207.44 per day. The government maintains its policy of a gradual recovery in wages, with support from unions and the private sector. This news comes in an environ...
Banorte Alejandro
Alejandro Padilla Santana @ Banorte 2 December 2022

IMEF’s PMI surveys–Consolidation in services, with manufacturing inching higher

The manufacturing PMI rose to 50.5pts (0.5pts) in November, with an expansion in ‘new orders’ and ‘employment’. Non-manufacturing also climbed,up to 53.4pts (1.7pts). Mixed performance inside,with ‘new orders’ standing out (+2.1pts). Results showed t...
Banorte Juan Carlos
Juan Carlos Alderete Macal @ Banorte 2 December 2022

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Francisco Jose Flores Serrano
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