Juan Carlos Alderete Macal

Banorte

Director of Economic Research @ Banorte

Juan Carlos Alderete has 15 years of experience in the financial sector and is Head of Economic Research, responsible for modeling the main economic variables and outlook for Mexico and major economies. He was previously Chief FX Strategist at the same institution and has experience in the analysis of the equity, debt, and real estate markets. He was recognized with the Refinitiv StarMine Award as the best forecaster for the Mexican economy in 2019. Alderete holds a Bachelor’s Degree in Economics from ITAM, where he graduated magna cum laude, and is a CFA Charterholder since 2014. He has been a panelist in specialized industry forums and his opinions and research are frequently quoted in domestic and foreign specialized news agencies and sites, among others.

Juan Carlos Alderete Macal
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Latest articles from Juan Carlos Alderete Macal

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

Mexico: Public finances – $560.9 billion deficit in the PSBR up to October

PSBRs post a $560.9 billion deficit in the first ten months of the year. Total revenues up 5.1% y/y in real terms. Revenues from government-controlled entities (IMSS and ISSSTE) came in at $381.0 billion, a 1.1% decrease, while those of CFE stood at ...
Banorte Juan Carlos
Juan Carlos Alderete Macal @ Banorte 1 December 2021

Mexico: Banking credit – Signs of a faster rebound in October

Banking credit declined 6.1% y/y in real terms, better than the -7.7% of the previous month and our -6.9% forecast. In this context, corporate loans fell 9.4% y/y in real terms, back to a single-digit contraction for the first time in seven months. W...
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Juan Carlos Alderete Macal @ Banorte 30 November 2021

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