Mexico: GDP-proxy IGAE – Sequential increase driven by industry and services

  • Activity rose 0.4% m/m (1.8% y/y) in January, positive amid a more challenging backdrop

  • Sequentially, industry (1.0%) and services (0.4%) were higher, but with agriculture down 2.3%

  • We believe GDP will grow in 1Q22, supported by better short-term dynamics in domestic demand

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