Mexico: Banxico Survey – Modest revisions to macro forecasts

  • GDP for 2021 was adjusted to 6.2% y/y from 6.1%, in line with our forecast. For 2022, it was unchanged at 2.9%

  • Consensus expects inflation at 6.05% at the end of the year, 5bps higher than the previous survey (Banorte: 6.10%)

  • Analysts still expect the reference rate at 5.00% and the exchange rate at USDM/MXN 20.36 by year-end

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