Mexico: Domestic demand – Slight uptick in June, especially for investment

  • GFI grew 0.7% m/m (7.8% y/y). Machinery and equipment was stronger (1.3%), but construction also improved (0.4%)

  • Consumption rose 0.1% m/m (6.6% y/y) resuming its positive trend, with imported goods as the driver (4.1%)

  • We expect a slight moderation in domestic demand in 3Q22, impacted by headwinds, such as inflation

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