Mexico: Domestic demand – Resilient at the end of 1Q22

  • GFI grew 2.9% m/m (+5.9% y/y), supported by non-residential construction, but with imported machinery and eq. falling

  • Consumption rose 0.7% m/m (8.8% y/y) with broad gains. As such, it has grown 7.0% in the last 9 months

  • Domestic demand shows resilience, but we remain cautious due to rising risks, especially for investment

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