Mexico: GDP-proxy IGAE – Upward surprise in August, boosted by services

  • In August, activity grew 1.0% m/m (5.7% y/y), quite strong considering mixed signals and additional headwinds

  • Sequentially, agriculture and services led gains at +3.6% and +1.2%, respectively, while industry had null growth (0.0%)

  • We see a moderation in September, so GDP growth in 3Q22 could be lower vs sequential rates seen in 1H22

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