Macro Analysis /
GlobalMexico: IP – Strong acceleration in March on a more favorable backdrop
IP climbed 1.7% y/y, which represents +0.7% m/m, better than expected. This is higher than implied in 1Q21 GDP
Sectors most impacted by blackouts (utilities and manufacturing) recovered, while construction and mining backtracked
This implies an upward revision to 1Q21 GDP of 10bps to -3.7% y/y. The outlook remains positive despite some risks
Juan Carlos Alderete Macal
Director of Economic Research @ Banorte
Francisco Jose Flores Serrano
Senior Economist, Mexico @ Banorte
12 May 2021
Published byBanorte
