Mexico: Deficit in 1Q22, driven by the seasonality in primary income
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The current account had a US$6.5bn deficit. Primary income and trade deficits were partly offset by secondary revenue
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Net borrowing of US$6.7bn in the financial account, with most inflows coming as direct investment
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We forecast a lower deficit in 2Q22 on seasonal effects. We also don’t rule out further distortions due to supply shocks
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