Mexico: GDP-proxy IGAE – Weakness in November driven by services

  • In November, activity fell 0.5% m/m (3.3% y/y), consistent with signs of a slowdown at the end of the year

  • Sequentially, services fell 0.9%, with industry unchanged (0.0%), and agriculture up 5.3%

  • The result matches our expectation of a more modest pace of growth in 4Q22, in line with a more challenging backdrop

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