Mexico: IP – Upward surprise in March, driven by a rebound in construction

  • IP had a modest rebound at 0.4% m/m (2.6% y/y). Construction rose 3.7%, while manufacturing lost some dynamism (-0.2%)

  • Overall, results were better than implied by 1Q22 GDP, possibly resulting in an upward revision

  • Outlook for 2Q22 seems challenging, as the war in Ukraine and lockdowns in China keep impacting supply chains

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