Mexico: Domestic demand – Setbacks in May amid weaker economic conditions

  • GFI declined 1.2% m/m (+6.2% y/y) with construction down by -2.7% and machinery and equipment more modest at -1.0%

  • Consumption fell 0.4% m/m (+7.2% y/y), dragged by domestic goods (-1.1%) and breaking with 10 consecutive months higher

  • Considering past gains, we expect less dynamism for domestic demand in 2H22, albeit continuing their recovery

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