Macro Analysis /
Global

Mexico: IGAE - The recovery gathered pace in May, especially in services

  • May’s IGAE surprised higher at 25.1% y/y (+0.6% m/m), with all sectors up sequentially, led by services (0.8%)

  • We expect Friday’s 2Q21 GDP to have accelerated to 1.6% q/q, with risks skewed to the upside after today’s results

  • We maintain our full-year forecast at 6.2% despite some headwinds to industry and the new wave of COVID-19 worldwide

Juan Carlos Alderete Macal
Juan Carlos Alderete Macal

Director of Economic Research

Francisco Jose Flores Serrano
Francisco Jose Flores Serrano

Senior Economist, Mexico

Banorte
27 July 2021
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