Macro Analysis /
Global

Mexico: Domestic demand advanced in May, albeit still below pre-pandemic levels

  • GFI rose 0.7% m/m (46.5% y/y), boosted by construction (+2.1%), albeit with weakness in machinery and equipment (-1.3%)

  • Consumption expanded 0.9% m/m (+28.8% y/y), highlighting +1.6% in services and +6.9% in imported goods

  • We expect domestic demand to keep recovering, albeit at a slower pace, not ruling out some setbacks given higher cases

Juan Carlos Alderete Macal
Juan Carlos Alderete Macal

Director of Economic Research

Francisco Jose Flores Serrano
Francisco Jose Flores Serrano

Senior Economist, Mexico

Banorte
6 August 2021
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