Mexico: Timely Indicator of Economic Activity – Modest recovery in 2Q22 GDP

  • May’s estimate was revised downwards to 0.0% m/m (1.5% y/y sa), with both services and industry moderating

  • June’s figure came in at -0.4% m/m (2.1% y/y sa), with declines in industry (-0.3%) and services (-0.5%)

  • The results suggest 2Q22 GDP at 0.8% q/q (+1.9% y/y nsa), underpinned by strong domestic demand

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