The Lower House finalised the approval process of the 2021 Revenue Law, along other fiscal-related legislation. While macroeconomic assumptions were unchanged, other adjustments were made, driving revenues slightly down. In this respect, total income...

In contrast to recent months, job gains concentrated in the formal sector (63.4% of the total), with a decline of the informality rate to 54.9% from 55.1% in August. All in all, this implies that overall employment levels remain 4.6 million below tho...

In its latest World Economic Outlook, the IMF predicts the global economy to experience a 4.4% contraction in 2020 (+0.8ppt vs its June estimates) and a partial rebound to 5.2% growth in 2021 (-0.2ppt). Asia (-1.7% in 2020; +8.0% in 2021) faces a mor...

Industrial production (August): -9.0% y/y nsa; consensus: -10.3% (range: -13.0% to -8.1%); previous: -11.4%. Activity rose 3.3% m/m. We saw strong positive surprise in construction (11.2%), while manufacturing decelerated. We maintain that externally...

Focus on industrial production for August, estimated to have slowed down its pace of recovery to +1.2% m/m (-10.6% y/y). Specifically, we expect construction to lag behind, with manufacturing more modest and mining bouncing back slightly. In addition...

The minutes of the last policy meeting (Sep-24th) showed a less dovish tone, similar to the statement. Nevertheless, they also portray a divided Board over the path going forward, making the next decision a close call. We expect Banxico to maintain t...