Mexico: 1Q22 GDP – We reiterate our 2.1% forecast after an upward revision

  • GDP was revised higher relative to the preliminary print, advancing 1.0% q/q (+1.8% y/y) on better industry and services

  • For March, the GDP proxy IGAE rose 0.3% m/m, with industry resilient, but a marginal downtick in services

  • We reiterate our 2.1% full-year estimate. We recognize higher risks and uncertainty in 2Q22, seeing a deceleration

May 25th, 2022
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