Macro Analysis /

Mexico: 3Q21 GDP –Downward revision on weaker industry and services

  • Final GDP for 3Q21 fell 0.4% q/q (+4.5% y/y), weaker than the preliminary print of -0.2% (+4.6% y/y)

  • Industry (+0.3% q/q) and services (-0.9% q/q) were revised lower, suggesting a more adverse impact from COVID-19

  • We maintain our full-year GDP forecast of 5.7%, expecting a rebound in 4Q21 in line with timely data

Alejandro Padilla Santana
Alejandro Padilla Santana

Executive Director of Economic Research and Financial Markets Strategy

Francisco Jose Flores Serrano
Juan Carlos Alderete Macal
25 November 2021
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