Mexico: Timely Indicator of Economic Activity – Sequential increase in 4Q22

  • November’s data was unchanged at -0.1% m/m (4.1% y/y sa), with weakness in services and despite a surprise in industry

  • For December, the estimate stands at -0.4% m/m (2.7% y/y sa), with a contraction in both industry and services

  • With these, 4Q22 GDP would have grown around 0.4% q/q (+3.5% y/y), implying an expansion of 3.0% in full-year 2022

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