Macro Analysis /
Global

Mexico: Domestic demand weakness at the end of 2Q21

  • GFI fell 1.8% in June, driven by weakness in construction (-2.9%), but with machinery and equipment also low (-0.4%)

  • Consumption declined 0.8%, in our view due to a deterioration in virus conditions, with services as the only positive

  • We expect growth of domestic demand to continue in 2H21, although at a more modest pace as people stay cautious

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 September 2021
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