Mexico: March’s retail sales gain steam on better local conditions

  • Retail sales rose 2.5% y/y, affected by several calendar effects. However, they improved on better virus conditions

  • Adjusting for the latter, they rose 3.6% m/m, with non-essential categories leading gains as activity gathered dynamism

  • We think the economy will keep improving in the short-term, with signs of a better performance in domestic demand

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