Grupo Financiero Banorte through its Economic Analysis Department offers daily reports about the most important aspects of the economic situation in Mexico.
04/05/2023: Mexico: Ahead of the Curve - Banxico’s minutes will provide more information on the upcoming decision. 04/05/2023: Mexico: March inflation – Relevant moderation in the non-core helps the annual print. 04/03/2023: Mexico: Family remittances – Strength continues in the second month of the year. 04/03/2023: Mexico: 2024 Preliminary Budget Criteria – Modest revisions, with optimism on economic activity. 03/31/2023: Mexico: Ahead of the Curve - Inflationary pressures would have moderated further in March. 03/31/2023: Mexico: Banking credit accelerates in February. 03/31/2023: Mexico: Public finances – PSBR deficit of $135.1 billion up to February. 03/31/2023: Mexico: Additional improvements in the labor market in February. 03/30/2023: Mexico: Banxico – We see a terminal rate of 11.50% after a moderation in the hiking pace. 03/27/2023: Mexico: Trade balance – Lower exports in February suggest some caution. 03/24/2023: Mexico: Ahead of the Curve - Banxico will continue with its hiking cycle. 03/24/2023: Mexico: GDP-proxy IGAE – Strong result in January, driven by services. 03/23/2023: Mexico: Retail sales – Important acceleration at the start of the year. 03/23/2023: Mexico: 1H-March inflation – Some relief will likely help Banxico in its hiking cycle. 03/22/2023: Mexico: Timely Indicator of Economic Activity – Strength at the start of the year. 03/17/2023: Mexico: Ahead of the Curve - Moderate increase in 1H-March inflation. 03/13/2023: Mexico: Industrial production – Moderation in January, albeit with strength in manufacturing. 03/10/2023: Mexico: Ahead of the Curve - Industry likely expanded further in January. 03/09/2023: Mexico: February inflation – Downward surprise at the core. 03/06/2023: Domestic demand – Generalized strength at the end of 2022. 03/03/2023: Mexico: Ahead of the Curve - Inflation to moderate slightly as some turn-of-the-year pressures start to fade. 03/03/2023: Mexico: Public finances – $15.9 billion deficit in the PSBRs in January. 03/02/2023: Mexico: New historical low in January’s unemployment rate. 03/01/2023: Mexico: Family remittances – Strength remains despite a seasonal slowdown. 02/28/2023: Mexico: Banking credit growth stabilizes at the start of the year. 02/27/2023: Mexico: Trade balance – Rebound in flows suggests an upbeat start to the year. 02/24/2023: Mexico: Ahead of the Curve - A resilient economy in January. 02/24/2023: Mexico: Current account – Surplus in 4Q22 on strong remittances and a more modest trade deficit. 02/24/2023: Mexico: 4Q22 GDP – Slight upward revision, with full-year 2022 at 3.1%. 02/23/2023: Mexico: Banxico minutes – The tightening cycle will extend more months. 02/23/2023: Mexico: 1H-February inflation – Downward surprise on lesser pressures in food items. 02/21/2023: Mexico: Retail sales – Modest rebound in December despite some tailwinds. 02/17/2023: Mexico: Ahead of the Curve - Banxico’s minutes to shed information behind the 50bps hike. 02/17/2023: Mexico: Timely Indicator of Economic Activity – Resilience should persist in early 2023. 02/10/2023: Mexico: Ahead of the Curve - Positive signs at the end of the year, but with higher uncertainty for January. 02/10/2023: Mexico: Industrial production – Broad gains in December. 02/09/2023: Mexico: Banxico – Hawkish surprise with another 50bps, seeing now a terminal rate of 11.50%. 02/09/2023: Mexico: January inflation – Pressures at the start of the year keep annual rates high. 02/07/2023: Mexico: Domestic demand – Slight moderation, in line with a challenging backdrop. 02/03/2023: Mexico: Ahead of the Curve - Banxico to take the rate to 10.75% with a 25bps hike. 02/01/2023: Mexico: Family remittances – Accelerating at the end of 2022, with a full-year total of US$58.5 bn. 01/31/2023: Mexico: Banking credit extends higher, albeit with a more modest improvement. 01/31/2023: Mexico: Public finances – PSBR deficit of 4.4% of GDP in 2022. 01/31/2023: Mexico: 4Q22 GDP – More modest pace results in a 3.0% full-year expansion. 01/27/2023: Mexico: Ahead of the Curve - GDP would have grown 3.0% in 2022. 01/26/2023: Mexico: Job losses in December, partly driven by seasonal trends. 01/25/2023: Mexico: GDP-proxy IGAE – Weakness in November due to a contraction in services. 01/24/2023: Mexico: 1H-January inflation – Pressures at the start of the year boost annual metrics. 01/20/2023: Mexico: Ahead of the Curve - Inflation to remain pressured on turn-of-the-year increases. 01/20/2023: Mexico: Retail sales – A setback in November despite the discount season. 01/20/2023: Mexico: Timely Indicator of Economic Activity – Sequential increase in 4Q22. 01/18/2023: Mexico: Banxico – Omar Mejía Castelazo is ratified as the next Deputy Governor. 01/13/2023: Mexico: Ahead of the Curve - Possible signs of additional dynamism at the end of 4Q22. 01/12/2023: Mexico: USMCA – Resolution on auto sector rules of origin is positive for Mexico and Canada. 01/11/2023: Mexico: Industrial production – Mixed signals in November, suggesting a difficult backdrop. 01/10/2023: Mexico: Domestic demand – Growth continued at the start of 4Q22. 01/09/2023: Mexico: December CPI – Headline inflation closes the year at 7.82%, helped by the non-core. 01/06/2023: Mexico: Ahead of the Curve - Inflation would end 2022 at 7.85% y/y, noting a moderation in recent months. 01/05/2023: Mexico: Banxico minutes – Hikes will end in February, albeit still uncertain about the next steps. 12/16/2022: Mexico: Ahead of the Curve - Focus on the minutes, particularly on changes to the forward guidance. 12/15/2022: Mexico: Banxico – One more and done. 12/09/2022: Mexico: Ahead of the Curve - Banxico will slow down its hiking pace, taking the rate to 10.50%. 12/08/2022: Mexico: November inflation – Strong downward surprise, both at the core and non-core. 12/06/2022: Mexico: Domestic demand – A step back in investment while consumption consolidates. 12/02/2022: Mexico: Ahead of the Curve - Attention on distortions from El Buen Fin on November’s inflation. 12/01/2022: Mexico: Minimum Wage – 20% increase in 2023. 12/01/2022: Mexico: IMEF’s PMI surveys – Consolidation in services, with manufacturing inching higher. 12/01/2022: Mexico: Family remittances – Inflows remain to the upside despite more challenging conditions. 12/01/2022: Mexico: Public finances – $596.3 billion deficit in the PSBRs up to October. 11/30/2022: Mexico: Banxico QR – Upward revisions to GDP provide room for hikes to continue. 11/30/2022: Mexico: Banking credit advances further, boosted by consumer loans. 11/29/2022: Mexico: Labor market added 925.6 thousand jobs in October. 11/28/2022: Mexico: Trade balance – A moderation in prices drives flows lower in October. 11/25/2022: Mexico: Ahead of the Curve - Attention on revisions to estimates in Banxico’s Quarterly Report. 11/25/2022: Mexico: Current account – Deficit driven by the trade balance results. 11/25/2022: Mexico: 3Q22 GDP – Dynamism prevails despite a deterioration in external conditions. 11/24/2022: Mexico: Banxico minutes – Debating the relative stance with the Fed and the terminal rate. 11/24/2022: Mexico: 1H-November inflation – Another downward surprise despite a high print at the core. 11/22/2022: Mexico: Retail sales extend losses in September amid a more challenging backdrop. 11/18/2022: Mexico: Ahead of the Curve - Banxico’s minutes to expand on the reasons behind a less hawkish tilt. 11/18/2022: Mexico: Fitch affirms Mexico ‘BBB-’ rating, maintaining a stable outlook. 11/18/2022: Mexico: Timely Indicator of Economic Activity – Signs of moderation at the start of 4Q22. 11/17/2022: Mexico: The IMF renews Mexico’s FCL in its annual revision, keeping the amount unchanged. 11/14/2022: Mexico: The Lower House approves the 2023 Spending Budget with few changes. 11/11/2022: Mexico: Ahead of the Curve - Economic dynamism likely extended to 4Q22. 11/11/2022: Mexico: Industrial production – A surprise drop in September that signals more caution. 11/10/2022: Mexico: Banxico – Setting the stage to slow down the hiking pace. 11/09/2022: Mexico: October inflation – Below expectations again on energy and agricultural goods. 11/07/2022: Mexico: Domestic demand – Positive results in August as investment surprises to the upside. 11/04/2022: Mexico: Ahead of the Curve - Banxico will follow the Fed in a still challenging inflationary backdrop. 11/01/2022: Mexico: IMEF’s PMI surveys – Services rebound, with manufacturing more modest. 11/01/2022: Mexico: Family remittances – Strength prevails amid mounting uncertainty. 10/31/2022: Mexico: Banking credit maintains its expansion in September, with corporate loans accelerating. 10/31/2022: Mexico: Public finances – $492.3 billion deficit in the PSBRs up to September. 10/31/2022: Mexico: 3Q22 GDP – Above expectations on services, with the full-year now seen at 2.7%. 10/28/2022: Mexico: Ahead of the Curve - 3Q22 GDP would show that economic activity remained strong. 10/27/2022: Mexico: Labor market continues to show signs of improvement despite some job losses. 10/27/2022: Mexico: Trade balance – Exports outperformed at the end of 3Q22. 10/26/2022: Mexico: The Senate approves the Revenue Law without changes. 10/25/2022: Mexico: GDP-proxy IGAE – Upward surprise in August, boosted by services. 10/24/2022: Mexico: 1H-October inflation – Non-core prices behind another decline in the annual rate. 10/21/2022: Mexico: Ahead of the Curve - Inflation mixed in 1H-October, albeit with an upward skew on the period’s negative seasonality. 10/21/2022: Mexico: The Lower House approves the Revenue Law with no meaningful changes. 10/21/2022: Mexico: Retail sales take a step back in August, limited by additional price pressures. 10/20/2022: Mexico: Timely Indicator of Economic Activity – Slight moderation through the end of 3Q22. 10/14/2022: Mexico: Ahead of the Curve - Possible hints of lower dynamism in September. 10/13/2022: Mexico: Banxico minutes – Hawkish tone, reaffirming the need of additional tightening. 10/12/2022: Mexico: Industrial production – A pause in sequential terms, albeit with resilience in manufacturing. 10/07/2022: Mexico: Ahead of the Curve - Focus on inflation and signals of future moves in Banxico’s minutes. 10/07/2022: Mexico: September inflation – A downward surprise, but the trend remains challenging. 10/05/2022: Mexico: Domestic demand – Signs of moderation at the beginning of 3Q22. 10/03/2022: Mexico: IMEF’s PMI surveys – Mixed results, with both indicators in expansion. 10/03/2022: Mexico: Complementary agreement to the Plan Against Inflation – Actions focused on food items. 10/03/2022: Mexico: Family remittances – Strength continued in August. 10/03/2022: Mexico: Public finances – $362.1 billion deficit in the PSBRs until August. 09/30/2022: Mexico: Ahead of the Curve - Core inflation pressures would have continued in September. 09/30/2022: Mexico: Banking credit expansion continues in August, driven by consumer loans. 09/29/2022: Mexico: Banxico – We anticipate the terminal rate at 11% by the end of 1Q23. 09/27/2022: Mexico: Positive results in terms of job creation in August, but still with concerns on wages. 09/27/2022: Mexico: Trade balance – Monthly performance impacted by a moderation in prices. 09/26/2022: Mexico: GDP-proxy IGAE – Modest rebound amid a generalized improvement in July. 09/23/2022: Mexico: Ahead of the Curve - Banxico to hike rates by 75bps for a third consecutive meeting. 09/22/2022: Mexico: 1H-September inflation – Likely pressured for longer, especially the core component. 09/21/2022: Mexico: Aggregate supply and demand – Strong domestic conditions in 2Q22. 09/21/2022: Mexico: Strong retail sales rebound in July as overall conditions improved. 09/20/2022: Mexico: Timely Indicator of Economic Activity – Timid signs of a moderation ahead. 09/15/2022: Mexico: Ahead of the Curve - Inflation would continue to be impacted by food items at the beginning of September. 09/09/2022: Mexico: Ahead of the Curve - Few relevant figures, focused on August’s ANTAD sales. 09/09/2022: Mexico: Budget Proposal 2023 – A rosy scenario focused on social programs. 09/09/2022: Mexico: Industrial production – Strength continued in July, driven by manufacturing. 09/08/2022: Mexico: August inflation – Stays elevated even after considering seasonal pressures. 09/06/2022: Mexico: Domestic demand – Slight uptick in June, especially for investment. 09/02/2022: Mexico: Ahead of the Curve - Annual inflation above 8% for the headline and core in August. 09/01/2022: Mexico: IMEF’s PMI surveys – Lower manufacturing, with services resilient. 09/01/2022: Mexico: Family remittances – New historical high in July on a strong US labor market. 08/31/2022: Mexico: Banxico QR – Few changes on estimates and still with a hawkish stance. 08/31/2022: Mexico: The expansion in banking credit continued in July, despite challenging conditions. 08/31/2022: Mexico: Public finances – $304.3 billion deficit in the PSBRs until July. 08/30/2022: Mexico: Good labor market data in July, albeit distorted by seasonal drivers. 08/26/2022: Mexico: Ahead of the Curve - Banxico will likely cut its growth forecasts in the Quarterly Report. 08/26/2022: Mexico: Trade balance – Large deficit in July as flows and prices moderated. 08/26/2022: Mexico: Current account – Lower deficit in 2Q22, offset by secondary income. 08/25/2022: Mexico: Banxico minutes – Debating the relative policy stance and the need for forcefulness. 08/25/2022: Mexico: 2Q22 GDP – Good dynamism in the first half of the year, albeit with risks ahead. 08/24/2022: Mexico: 1H-August inflation – Food items keep pushing annual rates higher. 08/19/2022: Mexico: Ahead of the Curve - Inflation to remain high, keeping Banxico vigilant. 08/19/2022: Mexico: June’s retail sales declined modestly after 10 months higher. 08/18/2022: Mexico: Timely Indicator of Economic Activity – Slight setbacks in June and July. 08/12/2022: Mexico: Ahead of the Curve - Possible optimism at the start of 3Q22. 08/11/2022: Mexico: Banxico – Monetary stance reaches restrictive territory, but the hiking cycle will continue. 08/11/2022: Mexico: Industrial production – Resilient at the end of 2Q22. 08/09/2022: Mexico: July inflation – Food items remain to the upside, pushing annual rates higher. 08/05/2022: Mexico: Ahead of the Curve - Banxico to keep the foot on the gas with a 75bps hike. 08/05/2022: Mexico: Domestic demand – Setbacks in May amid weaker economic conditions. 08/01/2022: Mexico: IMEF’s PMI surveys – Positive signals at the start of 3Q22. 08/01/2022: Mexico: Public finances – $266.5 billion deficit in the PSBR during the first half of the year. 08/01/2022: Mexico: Family remittances – Strong in June despite signs of an economic cooldown. 07/29/2022: Mexico: Ahead of the Curve - We expect IMEF PMIs to show that activity rebounded at the start of 3Q22. 07/29/2022: Mexico: The recovery of credit continues, supported by economic dynamism. 07/29/2022: Mexico: 2Q22 GDP – Positive surprise with further strength in industry and services. 07/28/2022: Mexico: Positive results for jobs in June, although still with room to recover. 07/27/2022: Mexico: Trade balance – Recovery in flows in June suggests a less challenging backdrop. 07/25/2022: Mexico: GDP-proxy IGAE – Modest contraction in May. 07/22/2022: Mexico: Ahead of the Curve - The economic recovery would have continued in 2Q22. 07/22/2022: Mexico: 1H-July inflation – Core pressures are still lingering around. 07/21/2022: Mexico: Retail sales extend their upward trend for a tenth consecutive month in May. 07/19/2022: Mexico: Timely Indicator of Economic Activity – Modest deceleration in 2Q22, but still recovering. 07/15/2022: Mexico: Ahead of the Curve - Food prices likely kept inflation under pressure in 1H-July. 07/12/2022: Mexico: Industrial production – Growth continues in May, driven by manufacturing. 07/08/2022: Mexico: Moody’s downgrades Mexico to ‘Baa2’, with the outlook from negative to stable. 07/08/2022: Mexico: Ahead of the Curve - We expect a modest contraction in May’s industrial production. 07/07/2022: Mexico: Banxico minutes – Hawkish tone, debating the best hiking pace going forward. 07/07/2022: Mexico: June inflation – Food items remain to the upside, pushing annual rates higher. 07/06/2022: Mexico: S&P affirms Mexico ‘BBB’ rating, upgrading the outlook to stable. 07/06/2022: Mexico: Domestic demand – Further progress in investment and consumption in April. 07/01/2022: Mexico: Ahead of the Curve - Relevant information about the tightening cycle in Banxico’s minutes. 07/01/2022: Mexico: IMEF’s PMI surveys – Another decline in June, with manufacturing in contraction. 07/01/2022: Mexico: Family remittances – New historical high in May on seasonality and the US job market. 07/01/2022: Mexico: Public finances – $104.4 billion deficit in the PSBRs up to May. 06/30/2022: Mexico: Banking credit keeps rising, driven by consumer loans. 06/28/2022: Mexico: Pause in the recovery of the labor market in May despite a favorable backdrop. 06/27/2022: Mexico: Trade balance – Modest impact in May because of Chinese lockdowns. 06/24/2022: Mexico: Ahead of the Curve - Trade figures to signal a slight moderation in imports, while PMIs for June could decelerate. 06/24/2022: Mexico: GDP-proxy IGAE – Additional dynamism in April despite a more challenging backdrop. 06/23/2022: Mexico: Banxico – We expect a 10% reference rate by year-end. 06/23/2022: Mexico: Retail sales extend their positive trend in April. 06/23/2022: Mexico: 1H-June inflation – Now seeing higher price increases for longer given the difficult backdrop. 06/21/2022: Mexico: Aggregate supply and demand – Good results in consumption and trade. 06/21/2022: Mexico: Timely Indicator of Economic Activity – The recovery likely continued in 2Q22. 06/17/2022: Mexico: Ahead of the Curve - Banxico to accelerate the tightening pace with a 75bps hike to 7.75%. 06/10/2022: Mexico: Ahead of the Curve - Few relevant figures, focused on ANTAD sales to gauge consumption in May. 06/10/2022: Mexico: Industrial production – Positive surprise in April, fueled by mining and manufacturing. 06/09/2022: Mexico: May inflation – Relatively high despite the period’s benign seasonality. 06/06/2022: Mexico: Domestic demand – Resilient at the end of 1Q22. 06/03/2022: Mexico: Ahead of the Curve - Relatively high inflation in May considering seasonal effects. 06/01/2022: Mexico: IMEF’s PMI surveys – Modest monthly decline in May, but still in expansion. 06/01/2022: Mexico: Banxico QR – Without new salient information for monetary policy. 06/01/2022: Mexico: Family remittances – Sequential acceleration in April supports a favorable trend. 05/31/2022: Mexico: Banking credit continues strengthening despite inflationary pressures. 05/31/2022: Mexico: The labor market kept improving in April, with jobs at an all-time high. 05/31/2022: Mexico: Public finances – $54.5 billion deficit in the PSBRs up to April. 05/27/2022: Mexico: Ahead of the Curve - Banxico to cut slightly its 2022 GDP forecast in the Quarterly Report. 05/26/2022: Mexico: Banxico minutes – A fast and furious hiking cycle. 05/26/2022: Mexico: Retail sales grew for an eight month in a row in March. 05/25/2022: Mexico: Current Account – Deficit in 1Q22, driven by seasonality in primary income. 05/25/2022: Mexico: Trade balance – Higher imports in April, with no evidence yet of shocks from China. 05/25/2022: Mexico: 1Q22 GDP – We reiterate our 2.1% full-year forecast after an upward revision. 05/24/2022: Mexico: 1H-May inflation – Slightly above consensus as food prices remain pressured. 05/20/2022: Mexico: Ahead of the Curve - Banxico’s minutes to shed light on what merits “more forceful” actions. 05/19/2022: Mexico: Timely Indicator of Economic Activity – Suggests upward revision to 1Q22 GDP. 05/17/2022: Mexico: Fitch affirms Mexico ‘BBB-’ rating, with a stable outlook. 05/13/2022: Mexico: Ahead of the Curve - Activity likely decelerated in April, albeit with mixed signals so far. 05/12/2022: Mexico: Banxico – 50bps hike, while not ruling out an even faster pace ahead. 05/12/2022: Mexico: Industrial production – Upward surprise in March, driven by a rebound in construction. 05/09/2022: Mexico: April inflation – Pressures remain, especially in food items. 05/06/2022: Mexico: Ahead of the Curve - Banxico to keep tightening monetary conditions by 50bps in May. 05/06/2022: Mexico: Domestic demand – Investment takes a step back while consumption keeps growing. 05/04/2022: Mexico: Plan against inflation – Actions to mitigate further pressures in basic goods’ prices. 05/02/2022: Mexico: IMEF’s PMI surveys – Mixed results, although dynamism continues. 05/02/2022: Mexico: Family remittances – Sequential deceleration in March, but still with a favorable trend. 04/29/2022: Mexico: Ahead of the Curve - We expect timely indicators to show that the economy kept growing in April. 04/29/2022: Mexico: Public finances – $112.9 billion deficit in the PSBR in 1Q22. 04/29/2022: Mexico: Banking credit – The recovery trend continues, with all categories higher. 04/29/2022: Mexico: 1Q22 GDP – Back on the growth trend, but with risks ahead. 04/28/2022: Mexico: Strong labor market results in March. 04/27/2022: Mexico: Trade balance – Moderation in non-oil trade flows. 04/26/2022: Mexico: Retail sales maintain an upward trend in February. 04/25/2022: Mexico: GDP-proxy IGAE – A pause in the recovery despite additional strength in services. 04/22/2022: Mexico: Ahead of the Curve - 1Q22 GDP will likely show that the Mexican recovery resumed. 04/22/2022: Mexico: 1H-April inflation – Pressures continue despite a seasonal moderation in energy. 04/19/2022: Mexico: Timely Indicator of Economic Activity – Economic recovery in 1Q22. 04/18/2022: Mexico: Ahead of the Curve - Annual inflation to keep trending higher on generalized pressures. 04/11/2022: Mexico: Industrial production – Monthly fall on a more challenging base and with diverging trends. 04/07/2022: Mexico: March inflation – Rebound in the annual rate, with the core still trending up. 04/06/2022: Mexico: Domestic demand – Positive trend continues in January. 04/04/2022: Mexico: 2023 Preliminary Budget Criteria – Fiscal outlook still favorable despite relevant changes. 04/01/2022: Mexico: Ahead of the Curve - Banxico minutes to shed light on voting changes and updated risks for prices. 04/01/2022: Mexico: IMEF’s PMI surveys – Further signs of improvement in March bode well for 1Q22. 04/01/2022: Mexico: Family remittances – Favorable results extend to February. 03/31/2022: Mexico: Banking credit – Still in negative territory, but reaffirming its trend of improvement. 03/31/2022: Mexico: Public finances – $185.0 billion deficit in the PSBRs up to February. 03/30/2022: Mexico: The recovery of the labor market resumed in February, with 524.7 thousand new jobs. 03/28/2022: Mexico: Trade balance – Stronger flows in February as global and domestic conditions improved. 03/25/2022: Mexico: Ahead of the Curve - Attention on estimate changes in the Preliminary Economic Policy Criteria for FY2023. 03/25/2022: Mexico: GDP-proxy IGAE – Sequential increase driven by industry and services. 03/24/2022: Mexico: Banxico – Unanimous 50bps hike given the renewed deterioration of the inflation outlook. 03/24/2022: Mexico: Retail sales gather pace in January despite the virus and higher prices. 03/24/2022: Mexico: 1H-March inflation – Downward surprise despite higher energy on the war in Ukraine. 03/22/2022: Mexico: Inflation 2022– Year-end now seen at 6.7% amid more challenging conditions abroad. 03/22/2022: Mexico: Timely Indicator of Economic Activity – Better signs for the start of the year. 03/22/2022: Mexico: Aggregate supply and demand – Ending last year on a weak note. 03/18/2022: Mexico: Ahead of the Curve - Banxico will extend the hiking cycle with +50bps, to 6.50%. 03/11/2022: Mexico: Ahead of the Curve - No relevant reports this week. 03/11/2022: Mexico: Industrial production – Resiliency amid a more challenging backdrop in January. 03/09/2022: Mexico: February inflation – Rebound in the annual rate, with the core still trending up. 03/04/2022: Mexico: Ahead of the Curve - Inflationary pressures likely continued in 2H-Feb, including at the core. 03/04/2022: Mexico: Domestic demand – Higher dynamism due to an economic acceleration in December. 03/03/2022: Mexico: Public finances – $64.5 billion deficit in the PSBRs in January. 03/02/2022: Mexico: Banxico QR – At least one more 50bps hike given a very challenging backdrop. 03/01/2022: Mexico: IMEF’s PMI surveys – A modest rebound in February as Omicron cases declined. 03/01/2022: Mexico: Family remittances – Maintaining a strong pace at the start of 2022. 02/28/2022: Mexico: Banking credit – The recovery continued in January, especially for consumer loans. 02/28/2022: Mexico: Deterioration in the labor market as ‘Omicron’ swept through January. 02/28/2022: Mexico: Current Account – Surplus in 4Q21, driven by strength in remittances. 02/25/2022: Mexico: Ahead of the Curve - Banxico to remain hawkish despite downgrading GDP expectations. 02/25/2022: Mexico: Trade balance – Generalized slowdown in January, with auto exports still very weak. 02/25/2022: Mexico: 4Q21 GDP – Modest upward revision, driven by industry and services. 02/24/2022: Mexico: Banxico minutes – Additional actions needed amid a challenging local and global backdrop. 02/24/2022: Mexico: Retail sales fall in December on a more challenging base effect after El Buen Fin. 02/24/2022: Mexico: 1H-February inflation – Annual rate rises again, with special concerns about the core. 02/22/2022: Mexico: FDI – Inflows of US$31.6 billion in 2021, up 8.7% y/y. 02/18/2022: Mexico: Ahead of the Curve - Attention on Banxico’s minutes as risks of a faster global tightening pick up. 02/18/2022: Mexico: Timely Indicator of Economic Activity – Lower dynamism in January on higher contagions. 02/11/2022: Mexico: Ahead of the Curve - Economic weakness at the start of 2022 likely on Omicron. 02/11/2022: Mexico: Industrial production – Full-year growth of 6.5%, with construction lagging in the recovery. 02/10/2022: Mexico: Banxico – An unsurprising 50bps hike, with eyes turning to the Fed. 02/09/2022: Mexico: January inflation – Mixed performance, albeit with the core still pressured. 02/04/2022: Mexico: Ahead of the Curve - Banxico to hike the reference rate by 50bps. 02/04/2022: Mexico: Domestic demand – Mixed results in November, with consumption outperforming. 02/01/2022: Mexico: IMEF’s PMI surveys – Economic weakness likely extended to January. 02/01/2022: Mexico: Family remittances – Strong inflows of US$51.6 billion in full-year 2021. 01/31/2022: Mexico: Banking credit – Faster recovery in December. 01/31/2022: Mexico: Public finances – Fiscal goals achieved in 2021. 01/31/2022: Mexico: 4Q21 GDP – A modest contraction as services failed to gather steam. 01/28/2022: Mexico: Ahead of the Curve - Low economic momentum likely in January. 01/27/2022: Mexico: Trade balance – More dynamism in December, but still limited by supply issues. 01/26/2022: Mexico: Retail sales extend gains in November despite price headwinds. 01/25/2022: Mexico: GDP-proxy IGAE – Upward surprise in November, albeit still with modest activity. 01/24/2022: Mexico: 1H-January inflation – The core remains on the upside. 01/21/2022: Mexico: Ahead of the Curve - Inflationary pressures to continue at the turn of the year. 01/20/2022: Mexico: Mixed results for the labor market in December. 01/18/2022: Mexico: Timely Indicator of Economic Activity – Weakness would have extended to 4Q21. 01/14/2022: Mexico: Ahead of the Curve -Activity weakness likely persisted in November, picking up until the last month of 2021. 01/12/2022: Mexico: A hawkish calibration of our calls for the Fed and Banxico. 01/11/2022: Mexico: Industrial production – A modest setback in November. 01/10/2022: Mexico: Signals of domestic demand resilience in October. 01/07/2022: Mexico: Ahead of the Curve - November’s IP stronger on manufacturing and construction. 01/07/2022: Mexico: December inflation – 2021 closes at 7.4%, highest in little over two decades. 01/06/2022: Mexico: Banxico Minutes – Consensus on the need of stronger tightening. 01/03/2022: Mexico: Ahead of the Curve - Assessing Banxico’s hiking pace in the latest minutes as well as inflation at the end of 2021. 12/17/2021: MEXICO: Ahead of the Curve - Packed schedule at the end of the year, highlighting October’s GDP-proxy and 1H-December’s inflation. 12/16/2021: MEXICO: Banxico – 50bps hike with a resounding message, in line with our call. 12/10/2021: MEXICO: Ahead of the Curve - Expecting Banxico to hike the reference rate by 50bps to 5.50%, in a tough decision. 12/10/2021: MEXICO: Industrial production – October’s modest rebound still suggests a challenging backdrop. 12/09/2021: MEXICO: November inflation – Annual rate reaches 7.4%, highest since 2001. 12/07/2021: MEXICO: S&P maintains Mexico’s rating at ‘BBB’, with a negative outlook on fiscal and GDP challenges. 12/07/2021: MEXICO: Weak investment and resilient consumption in September. 12/03/2021: MEXICO: Ahead of the Curve - We expect inflationary pressures to extend in November. 12/03/2021: MEXICO: Banxico – We now see a faster hiking pace in the next two meetings. 12/02/2021: MEXICO: Minimum wage – 22% increase in 2022. 12/01/2021: MEXICO: IMEF’s PMI surveys – A more modest advance of the economy in November. 12/01/2021: MEXICO: Banxico QR – No surprises, with lower growth but high inflation. 12/01/2021: MEXICO: Family remittances – New historical high as employment picks up in the US. 12/01/2021: MEXICO: Public finances – $560.9 billion deficit in the PSBR up to October. 11/30/2021: MEXICO: Banking credit – Signs of a faster rebound in October. 11/29/2021: MEXICO: Important labor market recovery in October. 11/26/2021: MEXICO: Ahead of the Curve - Less growth and high inflation in Banxico’s 3Q21 Quarterly Report. 11/26/2021: MEXICO: Trade balance – Mixed signals in October as supply chain issues remain. 11/25/2021: MEXICO: Banxico Minutes – Debating whether to accelerate the hiking pace. 11/25/2021: MEXICO: 3Q21 GDP –Downward revision on weaker industry and services. 11/24/2021: MEXICO: Banxico – Victoria Rodríguez is nominated as next Governor. 11/24/2021: MEXICO: 1H-November inflation – Seasonal factors and food items behind most pressures. 11/23/2021: MEXICO: Modest retail sales rebound in September, helped by better virus conditions. 11/22/2021: MEXICO: The IMF renews Mexico’s Flexible Credit Line for a new two-year term. 11/19/2021: MEXICO: Ahead of the Curve - Banxico to signal further hikes on a challenging inflation outlook. 11/18/2021: MEXICO: Timely Indicator of Economic Activity – Monthly growth in September and October. 11/17/2021: MEXICO: Fitch affirms Mexico ‘BBB-’ rating, with a stable outlook. 11/16/2021: MEXICO: The debate and approval of the 2022 Budget has finalized. 11/12/2021: MEXICO: Ahead of the Curve - Possible economic rebound at the start of 4Q21. 11/11/2021: MEXICO: Banxico – Maintains a 25bps hiking pace and a hawkish tone. 11/11/2021: MEXICO: Industrial production – Broad weakness in September. 11/09/2021: MEXICO: October inflation – Another upward surprise, with the core at highs since mid-2009. 11/08/2021: MEXICO: Mixed domestic demand in August, suggesting challenges for the recovery. 11/05/2021: MEXICO: Ahead of the Curve - We expect Banxico to hike 25bps to 5.00%, in a very tough decision. 11/01/2021: MEXICO: IMEF’s PMI surveys – A better start for activity in the last quarter of the year. 11/01/2021: MEXICO: Public finances – $544.1 billion deficit in the PSBR up to September. 11/01/2021: MEXICO: Family remittances –Inflows moderate in September, with less benefits in the US. 10/29/2021: MEXICO: Banking credit – Additional improvement in September. 10/29/2021: MEXICO: Ahead of the Curve - Expecting better signals for activity in 4Q21 after a very difficult third quarter. 10/29/2021: MEXICO: 3Q21 GDP – Slight contraction, but the recovery will continue. 10/27/2021: MEXICO: The Senate approves the Revenue Law without changes. 10/27/2021: MEXICO: Trade balance – Adjusting lower our 3Q21 GDP forecast after September’s data. 10/25/2021: MEXICO: Labor market weakness extends through September. 10/25/2021: MEXICO: IGAE – Notable sequential contraction as conditions worsened in August. 10/22/2021: MEXICO: Ahead of the Curve - GDP deceleration in 3Q21, albeit still expanding in sequential terms. 10/22/2021: MEXICO: 1H-October inflation – Another upward surprise, especially at the core. 10/21/2021: MEXICO: The Lower House approves the Revenue Law, in line with the proposal of the MoF. 10/21/2021: MEXICO: Retail sales unchanged in August, impacted by an adverse backdrop. 10/20/2021: MEXICO: Timely Indicator of Economic Activity – Deceleration of the recovery in 3Q21. 10/15/2021: MEXICO: Ahead of the Curve - Inflation to stay relatively high in 1H-Oct, as well as mixed signals for activity in 3Q21. 10/14/2021: MEXICO: Banxico Minutes – Preemptive approach given risks to inflation expectations. 10/12/2021: MEXICO: Industrial production – Positive surprise in August, lifted by construction. 10/08/2021: MEXICO: Ahead of the Curve - Banxico minutes focused on risks to inflation and its expectations. 10/07/2021: MEXICO: September inflation – We adjust our year-end estimate up to 6.6% as pressures persist. 10/06/2021: MEXICO: Mixed domestic demand in July, influenced by virus conditions. 10/04/2021: MEXICO: Electricity sector reform proposal – More faculties to public utility CFE. 10/01/2021: MEXICO: Ahead of the Curve - Price pressures likely persisted in September, justifying Banxico’s more hawkish tone. 10/01/2021: MEXICO: IMEF’s PMI surveys – Flirting with contraction in September. 10/01/2021: MEXICO: Family remittances – Inflows maintained a brisk pace in August. 10/01/2021: MEXICO: Public finances – $451.6 billion deficit in the PSBR in the first eight months of the year. 09/30/2021: MEXICO: Banxico – A more hawkish tone suggests the hiking cycle will continue. 09/30/2021: MEXICO: Banking credit – Slowdown in the pace of the recovery in August. 09/28/2021: MEXICO: Labor market weakness in August despite a lower unemployment rate. 09/27/2021: MEXICO: Trade balance – Supply chain disruptions kept impacting flows in August. 09/27/2021: MEXICO: IGAE – Modest rebound in July amid challenging pandemic conditions. 09/24/2021: MEXICO: Ahead of the Curve - Banxico to hike by 25bps for a third time in a row, in a split decision. 09/24/2021: MEXICO: Retail sales extend their decline in July, likely impacted by worsening virus conditions. 09/23/2021: MEXICO: 1H-September inflation – Upward surprise amid signals of broader pressures. 09/20/2021: MEXICO: Aggregate supply and demand – A positive second quarter, but risks building ahead. 09/17/2021: MEXICO: Ahead of the Curve - Inflation in 1H-September estimated at 0.29% 2w/2w, with pressures at the non-core. 09/17/2021: MEXICO: Timely Indicator of Economic Activity – Building signs of a deceleration in 3Q21 . 09/10/2021: MEXICO: Ahead of the Curve - INEGI’s Timely Indicator will likely confirm a slowdown in 3Q21. 09/10/2021: Mexico: Industrial production – Notable rebound in July amid a challenging backdrop. 09/09/2021: Mexico: August inflation – Diverging performance in the headline and core components. 09/08/2021: Mexico: Budget Proposal 2022 – Realistic despite an optimistic GDP outlook. 09/06/2021: Mexico: Domestic demand weakness at the end of 2Q21. 09/03/2021: MEXICO: Ahead of the Curve - Some inflation relief in August as maximum prices on LP gas came into effect. 09/01/2021: Mexico: IMEF’s PMI surveys – The slowdown of activity deepened in August. 09/01/2021: Mexico: Banxico Survey – Modest revisions to macro forecasts. 09/01/2021: Mexico: Family remittances – New historical high in July despite less fiscal support in the US. 08/31/2021: Mexico: Banking credit – Greater signs of a recovery in July. 08/31/2021: Mexico: Banxico QR – Modest changes to the macro outlook, maintaining a hawkish tilt. 08/31/2021: Mexico: Public finances – $434.3 billion deficit in the PSBR in the first seven months of the year. 08/27/2021: MEXICO: Ahead of the Curve - Banxico’s Quarterly Report will likely show modest changes to macro forecasts. 08/27/2021: Mexico: Trade balance – Strong imports in July, but with lingering risks ahead. 08/26/2021: Mexico: Banxico Minutes – Strong discussions around the persistency of inflation. 08/26/2021: Mexico: Strong job gains in July, with people back to the labor force. 08/25/2021: Mexico: 2Q21 GDP – Revision lower as COVID-19 may have impacted late in the period. 08/24/2021: Mexico: 1H-August inflation – Negative on a new price ceiling for LP gas. 08/23/2021: Mexico: Retail sales take a tumble in June, albeit with mixed dynamics inside. 08/20/2021: MEXICO: Ahead of the Curve - We expect an upward revision in 2Q21 GDP, to 1.7% q/q. 08/19/2021: Mexico: Timely Indicator of Economic Activity – Resiliency despite a surge in COVID-19 cases. 08/13/2021: MEXICO: Ahead of the Curve - We expect a modest rebound of economic activity in July. 08/12/2021: Mexico: Banxico – Rate hike confirms the restrictive cycle, despite a divided Board. 08/11/2021: Mexico: Industrial production – Stronger headwinds in June. 08/09/2021: Mexico: July inflation – Banxico to keep increasing rates on price pressures at the core. 08/06/2021: MEXICO: Ahead of the Curve - Banxico will hike 25bps to 4.50% confirming that we are in a tightening cycle. 08/06/2021: Mexico: Domestic demand advanced further in May, but remains below pre-pandemic levels. 08/05/2021: Mexico: Banxico – Communication strategy changes aimed to provide further clarity. 08/02/2021: Mexico: IMEF’s PMI surveys – Signals of headwinds into the third quarter. 08/02/2021: Mexico: Banxico Survey – Strong revisions for inflation in 2021 continue. 08/02/2021: Mexico: Family remittances – Strong inflows remain in June, but with risks building up for 2H21. 07/30/2021: MEXICO: Ahead of the Curve - PMIs to signal a more difficult start of 3Q21 after GDP strength in the second quarter. 07/30/2021: Mexico: Banking credit – The recovery trend continues in June. 07/30/2021: Mexico: Public finances – $396.8 billion deficit in the PSBR in the first half of the year. 07/30/2021: Mexico: 2Q21 GDP – Acceleration fueled by the reopening. 07/27/2021: Mexico: Trade balance – Signals of a slowdown in manufacturing and investment in June. 07/27/2021: Mexico: IGAE – The recovery gathered pace in May, especially in services. 07/26/2021: Mexico: Job gains continue in June, with uncertainty ahead on a challenging backdrop. 07/23/2021: MEXICO: Ahead of the Curve - GDP to accelerate to 1.6% q/q in 2Q21 as the reopening broadened. 07/23/2021: Mexico: Retail sales back to the recovery path in May. 07/22/2021: Mexico: 1H-July inflation – Core prices remain high, so Banxico will likely keep hiking. 07/19/2021: Mexico: Timely Indicator of Economic Activity – Entering 3Q21 at a slower pace. 07/16/2021: MEXICO: Ahead of the Curve - Core inflation in 1H-July will keep showing a difficult backdrop. 07/12/2021: Mexico: Industrial production – Marginal uptick in May as challenges remain for manufacturing. 07/09/2021: MEXICO: Ahead of the Curve - We expect IP to rebound in May, led by manufacturing. 07/08/2021: Mexico: Banxico Minutes – A divided Board about the best response to current price pressures. 07/08/2021: Mexico: June inflation – Year-end forecast revised to 6.1% from 5.5%, with 2022 at 4.0%. 07/06/2021: Mexico: Domestic demand slows down in April, but we remain optimistic about the recovery. 07/02/2021: MEXICO: Ahead of the Curve - Focus on inflation and the possibility of more rate hikes in Banxico’s minutes. 07/01/2021: Mexico: IMEF’s PMI surveys – A moderation in June, but with both still in expansion. 07/01/2021: Mexico: Banxico Survey – Notable revisions to GDP, inflation and monetary policy. 07/01/2021: Mexico: Family remittances – New historical high in May prompts upward revision for 2021. 07/01/2021: Mexico: Public finances – $214.5 billion deficit in the PSBR up to May. 06/30/2021: Mexico: Banking credit – Marginal improvement in May on a less challenging base effect. 06/28/2021: Mexico: Trade balance – Rebound in key categories suggests dynamism in May. 06/25/2021: MEXICO: Ahead of the Curve - Data will likely suggest that the economic recovery continued in May and June. 06/25/2021: Mexico: IGAE – A modest decline in April, but the recovery should continue. 06/24/2021: Mexico: 1H-June inflation – Again above expectations, with pressures at the core. 06/23/2021: Mexico: April retail sales lose some ground, but prospects remain favorable. 06/18/2021: MEXICO: Ahead of the Curve - Banxico unchanged, but with a hawkish tone. 06/18/2021: Mexico: Aggregate supply and demand – Growth in 1Q21 amid a complex start of the year. 06/17/2021: Mexico: Timely Indicator of Economic Activity – An extension of the recovery in April and May. 06/15/2021: Mexico: S&P affirms Mexico ‘BBB’ rating, with a negative outlook. 06/11/2021: MEXICO: Ahead of the Curve - INEGI’s Timely Indicator will likely point to further economic strength in May. 06/11/2021: Mexico: Industrial production – A slight bump in the road to recovery in April. 06/09/2021: Mexico: Key leadership changes at Banxico and the Ministry of Finance. 06/09/2021: Mexico: May inflation – Remains relatively pressured in both components. 06/07/2021: Mexico: The reopening kept benefitting domestic demand in March. 06/07/2021: Mexico: 2021 midterm elections – Results so far. 06/04/2021: MEXICO: Ahead of the Curve - Sunday’s mid-term elections will be the largest in the country’s history. 06/03/2021: Mexico: Consumer confidence – Extending higher in May on a more favorable outlook. 06/02/2021: Mexico: Banxico QR – Higher short-term inflation, but convergence to the target unchanged. 06/01/2021: Mexico: IMEF’s PMI surveys – Gains in both sectors suggest strength in May. 06/01/2021: Mexico: Banxico Survey – Strong upward revisions to 2021 growth and inflation continue. 06/01/2021: Mexico: Family remittances – Above US$ 4 billion for a second month in a row in April. 05/31/2021: Mexico: Banking credit – Further decline in April as the base effect becomes more challenging. 05/31/2021: Mexico: Public finances – $219.4 billion deficit in the PSBR up to April. 05/28/2021: MEXICO: Ahead of the Curve - Higher growth and inflation forecasts in Banxico’s 1Q21 Quarterly Report. 05/27/2021: Mexico: Banxico Minutes – A more hawkish skew by the Board. 05/27/2021: Mexico: One million jobs created in April, but the unemployment rate moved higher. 05/26/2021: Mexico: 1Q21 GDP – Upward revision due to a better performance in industry and services. 05/25/2021: Mexico: Trade balance – Back to surplus in April, with manufacturing resilient despite risks. 05/24/2021: Mexico: 1H-May inflation – Above expectations, we adjust our year-end forecast to 5.5%. 05/21/2021: MEXICO: Ahead of the Curve - We expect Banxico’s minutes to signal that further cuts are off the table. 05/21/2021: Mexico: March’s retail sales gain steam on better local conditions. 05/18/2021: Mexico: Timely Indicator of Economic Activity – Good outlook, despite possible data distortions. 05/17/2021: Mexico: Fitch affirms Mexico rating on fiscal stance since the pandemic, albeit with lingering risks. 05/14/2021: MEXICO: Ahead of the Curve - We expect favorable signals of activity going into 2Q21. 05/13/2021: Mexico: Banxico – Greater concerns on inflation reaffirm possible rate hikes this year. 05/12/2021: Mexico: Industrial production – Strong acceleration in March on a more favorable backdrop. 05/11/2021: Mexico: Domestic demand moderates in February, but the outlook seems slightly better. 05/07/2021: MEXICO: Ahead of the Curve - We expect Banxico to remain on hold amid a complex inflation backdrop. 05/07/2021: Mexico: Consumer confidence – Very close to pre-pandemic levels in April. 05/07/2021: Mexico: April inflation – An additional upward surprise on pressures in food items. 05/03/2021: Mexico: IMEF’s PMI surveys – Mixed results, with mounting risks in manufacturing. 05/03/2021: Mexico: Banxico Survey – Estimates for activity and prices keep trending up. 05/03/2021: Mexico: Family remittances – New high in March on employment gains and stimulus in the US. 04/30/2021: MEXICO: Ahead of the Curve - We expect April’s indicators of activity to stay strong. 04/30/2021: Mexico: Banking credit – Strong decrease in March on a more challenging base effect. 04/30/2021: Mexico: Public finances – $180.8 billion deficit in the PSBR up to March. 04/30/2021: Mexico: 1Q21 GDP – We revise higher our full-year forecast to 5.9% from 5.3%. 04/29/2021: Moody’s affirms Mexico rating on a prudent fiscal stance and the impulse from the US. 04/29/2021: Mexico: Trade balance – Surprising deficit in March suggests a strong economic improvement. 04/26/2021: Mexico: IGAE – A sequential decline on weaker services in February. 04/23/2021: MEXICO: Ahead of the Curve - GDP in 1Q21 to grow 0.3% q/q, scoring three positive quarters in a row. 04/23/2021: Mexico: February’s retail sales rebound on a gradual improvement in local conditions. 04/22/2021: Mexico: Employment gains in March as the economy likely accelerated. 04/22/2021: Mexico: 1H-April inflation – Annual rate surpasses 6% on adverse base effects and other factors. 04/19/2021: Mexico: Timely Indicator of Economic Activity – Hints of strength at the end of 1Q21. 04/16/2021: MEXICO: Ahead of the Curve - Inflation close to 6% y/y in the 1st half of April on challenging base effects. 04/09/2021: MEXICO: Ahead of the Curve - No relevant economic reports next week. 04/09/2021: Mexico: Industrial production – Very resilient despite temporary shocks. 04/08/2021: Mexico: Banxico Minutes – Concerned about inflation, but not necessarily stopping the easing cycle. 04/08/2021: Mexico: March inflation – We revise up our year-end forecast to 4.7% y/y from 3.7%. 04/07/2021: Mexico: A stronger-than-expected start for domestic demand in 2021. 04/05/2021: Mexico: IMEF’s PMI surveys – Broad improvement at the end of 1Q21. 04/05/2021: Mexico: Banxico Survey – Upward changes to GDP and inflation estimates continue. 04/05/2021: Mexico: Family remittances – Below expectations in February, but still strong. 03/31/2021: Mexico: 2022 Preliminary Budget Criteria – Higher expected growth to improve the fiscal stance. 03/31/2021: MEXICO: Public finances – $100 billion deficit in the PSBR until February. 03/26/2021: MEXICO: Ahead of the Curve - Attention on the MoF’s Preliminary Policy Criteria for 2022. 03/26/2021: MEXICO: Trade balance – Volumes impacted by extreme weather conditions in February. 03/25/2021: MEXICO: Banxico ends easing cycle on concerns over inflation and market volatility. 03/25/2021: MEXICO: January’s retail sales inch higher, influenced by COVID-19 dynamics. 03/25/2021: MEXICO: IGAE – The economy grew modestly in January on a challenging backdrop. 03/24/2021: MEXICO: Labor market conditions improve gradually in February. 03/24/2021: MEXICO: Higher inflation makes Banxico’s decision tomorrow even more complicated. 03/19/2021: MEXICO: Ahead of the Curve - Banxico to cut one last time in this cycle by 25bps, in a very difficult decision. 03/19/2021: MEXICO: Aggregate supply and demand – Yearly performance determined by the pandemic. 03/18/2021: MEXICO: Timely Indicator of Economic Activity – Signals of a decline in February amid industry shocks. 03/12/2021: MEXICO: Ahead of the Curve - INEGI’s monthly GDP estimate will likely show weakness in February. 03/12/2021: MEXICO: Industrial production – Growth in January, but with short-term risks looming large. 03/11/2021: MEXICO: New fiscal stimulus package in the US will boost the Mexican economy. 03/09/2021: MEXICO: February inflation – Pressured but still within Banxico’s variability range around the target. 03/08/2021: MEXICO: Consumer confidence – Unchanged in February on a mixed set of factors. 03/05/2021: MEXICO: Ahead of the Curve - Inflation in February impacted by pressures in energy at the non-core. 03/05/2021: MEXICO: Investment falls 18.2% and consumption by 11.0% in full year 2020. 03/03/2021: MEXICO: Banxico QR – Higher forecasts suggest less room for rate cuts. 03/03/2021: MEXICO: Public finances – $1.1 billion surplus in the PSBR at the start of the year. 03/02/2021: MEXICO: Banxico Survey – Upward adjustments for GDP and inflation. 03/01/2021: MEXICO: IMEF’s PMI surveys – Temporary shocks affected manufacturing the most in February . 03/01/2021: MEXICO: Family remittances – Strong start of the year with an acceleration in growth. 02/26/2021: MEXICO: Ahead of the Curve - We expect upward adjustments on inflation and GDP in Banxico’s Quarterly Report. 02/26/2021: MEXICO: Banking credit – Downward trend extends at the start of 2021. 02/26/2021: MEXICO: Trade balance – Slowdown in January points to challenges to activity. 02/25/2021: MEXICO: The unemployment rate reacts to worse COVID-19 dynamics at the start of the year. 02/25/2021: MEXICO: Banxico Minutes – Debate over inflation to assess the window for additional cuts. 02/25/2021: MEXICO: 2020 GDP – Revised to -8.2% on a slightly better close of the year. 02/24/2021: MEXICO: A step back in December’s retail sales on a series of negative factors. 02/24/2021: MEXICO: 1H-February inflation – Seasonal trends prevail amid pressures in energy prices. 02/19/2021: MEXICO: Ahead of the Curve - Banxico minutes, final 2020 GDP, inflation, and the first hard data for January slated for release. 02/19/2021: MEXICO: Timely Indicator of Economic Activity – A pause in the recovery at the start of 2021. 02/12/2021: MEXICO: Ahead of the Curve - INEGI’s Timely Indicator of Economic Activity will probably show a sharper downturn in January. 02/11/2021: MEXICO: Banxico resumes easing cycle with a 25bps unanimous rate cut. 02/11/2021: MEXICO: Industrial production – Activity fell 10% in 2020, with good results in December. 02/09/2021: MEXICO: January inflation – Above expectations on higher energy prices. 02/08/2021: MEXICO: Financial authorities present inclusion program to deal with remittances. 02/08/2021: MEXICO: Consumer confidence – Slight increase despite highly complex environment. 02/05/2021: MEXICO: Ahead of the Curve - We expect Banxico to resume the easing cycle with a 25bps cut. 02/05/2021: MEXICO: Domestic demand extends its recovery in November. 02/02/2021: MEXICO: IMEF’s PMI surveys – Diverging at the start of the year. 02/02/2021: MEXICO: Banxico Survey – Modest changes in expectations at the start of the year. 02/02/2021: MEXICO: Public finances 2020 – PSBR deficit at 3.9% of GDP, slightly better than expected. 02/02/2021: MEXICO: Family remittances – A new historical high in inflows during 2020. 01/29/2021: MEXICO: Banking credit – Deceleration continues despite some resiliency in activity. 01/29/2021: MEXICO: Ahead of the Curve - Expecting mixed signals about economic activity at the start of 2021. 01/29/2021: MEXICO: 4Q20 GDP – Activity fell 8.3% in the year, on the unprecedented impact of the pandemic. 01/28/2021: MEXICO: Trade balance – Historically high surplus of US$34.5 billion in 2020. 01/26/2021: MEXICO: November retail sales accelerate on extended discounts during El Buen Fin. 01/25/2021: MEXICO: IGAE – A strong print in November as El Buen Fin had a positive impact. 01/22/2021: MEXICO: Ahead of the Curve - We expect a full-year 2020 GDP contraction of 8.6%. 01/22/2021: MEXICO: 1H-January inflation – Higher on pressures in energy prices. 01/21/2021: MEXICO: Seasonal factors drive the unemployment rate sharply down in December. 01/19/2021: MEXICO: Timely Indicator of Economic Activity – Year-end weakness as services and industry contract. 01/15/2021: MEXICO: Ahead of the Curve - Inflation to reflect higher energy prices in 1H-January. 01/15/2021: MEXICO: Inflation 2021 – Reversal of pandemic distortions amid a still weak economy. 01/12/2021: MEXICO: Domestic demand recovers in October. 01/11/2021: MEXICO: Industrial production – The recovery continues, albeit with uncertainty going forward. 12/21/2020: The ten issues to watch in 2021. 12/18/2020: MEXICO: Ahead of the Curve - Attention in coming weeks on October’s GDP-proxy, December’s inflation and Banxico minutes. 12/17/2020: MEXICO: Banxico Survey – One last downward revision for inflation and FX for YE20. 12/17/2020: MEXICO: Banxico – The easing cycle will resume in February. 12/17/2020: MEXICO: Minimum wage set to increase 15% in 2021. 12/17/2020: MEXICO: Timely Indicator of Economic Activity – Signs of a stall in November. 12/11/2020: MEXICO: Ahead of the Curve - Banxico to remain on hold in the last policy meeting of the year. 12/11/2020: MEXICO: Industrial production – Renewed dynamism in October, despite worsening conditions. 12/10/2020: MEXICO: Banco de Mexico’s response to the Senate bill on foreign currency deposits in cash. 12/09/2020: MEXICO: November inflation – Annual rate plunges to its lowest since May. 12/07/2020: MEXICO: Investment takes a step back, but consumption keeps recovering in September. 12/07/2020: MEXICO: Galia Borja is nominated as the next Deputy Governor for Banxico. 12/04/2020: MEXICO: Ahead of the Curve - We expect annual inflation to fall strongly in November. 12/04/2020: MEXICO: Consumer confidence – Stalling as epidemiological conditions worsen. 12/03/2020: MEXICO: S&P joins Fitch in ratifying Mexico’s credit rating. 12/02/2020: MEXICO: Public finance report – $556.1 billion PSBR-deficit up to October. 12/01/2020: MEXICO: IMEF’s PMI surveys – Both sectors in contraction territory in November. 12/01/2020: MEXICO: Banxico Survey – Strong downward revision for inflation and the exchange rate in 2020. 12/01/2020: MEXICO: Family remittances – Likely to surpass US$40 billion in full-year 2020. 11/30/2020: MEXICO: Banking credit – Further deceleration in corporate and consumer loans in October. 11/30/2020: MEXICO: The government presents a new investment plan with the private sector for $228.6 billion. 11/27/2020: MEXICO: Ahead of the Curve - We anticipate additional signals of weak economic activity in 4Q20. 11/27/2020: MEXICO: Trade balance – Another historical surplus that signals renewed domestic weakness. 11/26/2020: MEXICO: Banxico Minutes – We expect the easing cycle to resume in 2021. 11/26/2020: MEXICO: 3Q20 GDP – Broadly unchanged, highlighting more dynamism in services. 11/25/2020: MEXICO: Banxico QR – Higher forecasts despite prevailing uncertainty. 11/25/2020: MEXICO: Stronger than expected retail sales in September as mobility kept improving. 11/24/2020: MEXICO: The unemployment rate declined again in October despite worse COVID-19 dynamics. 11/24/2020: MEXICO: 1H-November inflation – Back within Banxico’s variability range. 11/20/2020: MEXICO: Ahead of the Curve - Attention on central bank releases to gain further clarity on the policy path. 11/20/2020: Mexico: The IMF ratifies Mexico’s Flexible Credit Line in its mid-term review. 11/19/2020: Mexico: Timely Indicator of Economic Activity – Signaling more modest growth at the start of 4Q20. 11/13/2020: MEXICO: Ahead of the Curve - No relevant economic releases next week. 11/13/2020: Mexico: Spending side of the budget FY21 – Higher expenditures in healthcare and social programs. 11/12/2020: Mexico: Banxico – An unexpected pause in the easing cycle. 11/11/2020: Mexico: Industrial production – Pause in September after the recent rebound. 11/09/2020: Mexico: October inflation – Annual rate up due to pressures at the non-core. 11/06/2020: MEXICO: Ahead of the Curve - We expect another 25bps rate cut in the aftermath of the US election. 11/06/2020: Mexico: Banxico – Another rate cut in the apparently calm aftermath of a highly-volatile US electoral process. 11/06/2020: Mexico: The domestic recovery extended in August. 11/05/2020: Mexico: Consumer confidence – Strengthening further as the economy kept advancing. 11/03/2020: Mexico: Banxico Survey – Upward adjustments in GDP and inflation for a second month in a row. 11/03/2020: Mexico: Family remittances – Inflows accelerate due to an improvement in employment conditions. 11/03/2020: Mexico: IMEF’s PMI surveys – Mixed start of 4Q20, with manufacturing in expansion territory. 11/03/2020: Mexico: Public finance report – $542.1 billion PSBR-deficit up to September. 10/30/2020: Mexico: Banking credit – Remains in negative territory in September. 10/30/2020: MEXICO: Ahead of the Curve - Looking for clues on activity at the start of 4Q20. 10/30/2020: Mexico: The Senate approves the 2021 Revenue Law with some changes, back to the Lower House. 10/30/2020: Mexico: 3Q20 GDP – Stronger rebound than expected as the economy reopens. 10/27/2020: Mexico: Trade balance – More modest surplus as imports improve in September. 10/26/2020: Mexico: IGAE – A modest recovery in August as services surprised to the downside. 10/23/2020: MEXICO: Ahead of the Curve - We expect a 11.8% q/q rebound in 3Q20 GDP on strong external demand and the economic reopening. 10/23/2020: Mexico: Retail sales continue improving, albeit at a more modest pace. 10/22/2020: Mexico: 1H-October inflation – Above 4% on pressures at the non-core. 10/21/2020: Mexico: The Lower House approves the 2021 Revenue Law, going now to the Senate. 10/21/2020: Mexico: Unemployment rate ticks lower in September, driven by the formal sector. 10/16/2020: MEXICO: Ahead of the Curve - Inflation would remain at 4% in the 1H-October. 10/12/2020: Mexico: Industrial production – The recovery continued, with a positive surprise in construction. 10/09/2020: MEXICO: Ahead of the Curve - The recovery likely decelerated in August. 10/08/2020: Mexico: Banxico Minutes – A divided Board regarding the room for a last cut. 10/08/2020: Mexico: September inflation – Lower than consensus on benign non-core dynamics. 10/07/2020: Mexico: IMF’s Article IV consultations – Policy ideas in the face of COVID-19. 10/06/2020: Mexico: Gradual recovery of domestic demand continued in July. 10/05/2020: Mexico: The government presents investment plan with the private sector for $297.3 billion. 10/05/2020: Mexico: Consumer confidence – Keeps improving in September. 10/02/2020: MEXICO: Ahead of the Curve - Looking for clues about monetary policy ahead. 10/01/2020: Mexico: Banxico Survey – Both GDP and inflation revised slightly higher. 10/01/2020: Mexico: IMEF’s PMI surveys – Rebound in September, with a strong surprise in the domestic sector. 10/01/2020: Mexico: Family remittances – Slight deceleration on lower benefits to migrants in the US. 10/01/2020: Mexico: Public finance report – $487.9 billion PSBR-deficit up to August. 09/30/2020: Mexico: Banking credit – Falling to negative territory in annual terms in August. 09/28/2020: Mexico: Employment kept recovering in August, albeit at a more modest pace. 09/28/2020: Mexico: Trade balance – Historically high surplus for a third time in a row on weak imports. 09/25/2020: MEXICO: Ahead of the Curve - Data could suggest a slowdown of the recovery in late 3Q20. 09/25/2020: Mexico: IGAE – The recovery extended through July as the country adjusts to the ‘new normal’. 09/24/2020: Mexico: Banxico – Closed the door, but left it unlocked. 09/24/2020: Mexico: 1H-September inflation – Modest on lower pressures at the core. 09/23/2020: Mexico: Retail sales extend higher in July as activity normalized further. 09/21/2020: Mexico: Aggregate supply and demand – Historical decline due to the COVID-19 pandemic. 09/14/2020: Mexico: Employment affiliated to IMSS begins its recovery in August after five months of declines. 09/11/2020: Economic Studies: Fiscal Stability Monitor. 09/11/2020: MEXICO: Ahead of the Curve - IMSS’ employment data to show net creation in August. 09/11/2020: MEXICO: Industrial production – The rebound extends through July, but with mixed signals ahead. 09/09/2020: MEXICO: August inflation – Reaching the upper bound of the variability range around the target. 09/09/2020: MEXICO: Budget Proposal 2021 – Austere and optimistic. 09/07/2020: MEXICO: Investment and consumption rebound in June, although remaining limited. 09/04/2020: MEXICO: Ahead of the Curve - We expect an additional uptick in August’s inflation and July’s IP to extend gains. 09/03/2020: MEXICO: Employment recovery continued in July as more activities reopened. 09/01/2020: MEXICO: IMEF’s PMI surveys – A bump in the road after recent gains. 09/01/2020: MEXICO: Banxico Survey – Inflation revised slightly higher again, with GDP unchanged. 09/01/2020: MEXICO: Family remittances – Above expectations again in July. 08/31/2020: MEXICO: Banking credit – Deceleration continues in July. 08/31/2020: MEXICO: Public finance report – $495.8 billion PSBR-deficit up to July. 08/28/2020: MEXICO: Ahead of the Curve - August’s IMEF indicators to show a mixed performance between both sectors. 08/27/2020: MEXICO: Banxico Minutes – We now expect -25bps in September. 08/27/2020: MEXICO: Trade balance – New historical surplus in July, with the recovery slowing down. 08/26/2020: MEXICO: Banxico QR – A more difficult short-term backdrop for further easing. 08/26/2020: Economic Studies: External Stability Monitor. 08/26/2020: MEXICO: 2Q20 GDP – Slight revision higher despite lower services. 08/24/2020: MEXICO: 1H-August inflation – Still above expectations on core and non-core prices. 08/21/2020: MEXICO: Ahead of the Curve - Lower GDP and higher inflation for 2020 in Banxico’s Quarterly Report. 08/21/2020: MEXICO: Retail sales rebound in June on the gradual reopening of the economy. 08/14/2020: MEXICO: Ahead of the Curve - June’s retail sales to improve on the reopening of the economy. 08/13/2020: MEXICO: Banxico – Quite close to the end of the easing cycle. 08/12/2020: MEXICO: Job losses of people affiliated to IMSS continue in July, although at a more modest pace. 08/11/2020: MEXICO: Industrial production – Recovery started in June with the economic reopening. 08/07/2020: MEXICO: Ahead of the Curve - Banxico to cut the reference rate again by 50bps, to 4.50%. 08/07/2020: MEXICO: July inflation – Annual rate increases to 3.6%, in line with expectations. 08/06/2020: Economic Studies: Fiscal Stability Monitor. 08/06/2020: MEXICO: Domestic demand extended its weakness in May. 08/05/2020: MEXICO: Employment starts to recover in June as economic activity restarts. 08/03/2020: MEXICO: Banxico Survey – GDP is once again revised lower with inflation on the rise. 08/03/2020: MEXICO: Family remittances – Inflows remain quite strong in June. 08/03/2020: MEXICO: IMEF’s PMI surveys – The recovery seems to have extended to July. 07/30/2020: MEXICO: 2Q20 GDP – Historical plunge of 18.9% y/y on the COVID-19 shock. 07/27/2020: MEXICO: Trade balance – Historical surplus after the start of the reopening of the economy. 07/24/2020: MEXICO: Ahead of the Curve - We estimate a historical decline of 19.5% in 2Q20 GDP due to the pandemic shock. 07/24/2020: MEXICO: IGAE – Activity declined further in May, reaching a new low due to the pandemic. 07/23/2020: MEXICO: 1H-July inflation – We adjust higher our year-end forecast to 3.7% from 3.2%. 07/22/2020: MEXICO: Pension reform – Better conditions for workers and soothes investor confidence. 07/17/2020: MEXICO: Ahead of the Curve - We expect a modest sequential recovery in May’s IGAE and pressures in inflation for 1H-July. 07/13/2020: MEXICO: Job losses moderate in June as the economy starts to reopen. 07/10/2020: MEXICO: Ahead of the Curve - Few economic data in coming days. 07/10/2020: MEXICO: Industrial production – Weakness extended in May. 07/09/2020: MEXICO: Banxico Minutes – Dovish, but with nuances about the magnitude of the easing cycle. 07/09/2020: MEXICO: June inflation – Another upward surprise pushes the annual rate to 3.3%. 07/06/2020: MEXICO: GFI plunges strongly in April as a result of the pandemic. 07/03/2020: MEXICO: Ahead of the Curve - A dovish tone in Banxico minutes and a historical plunge in May’s industrial production. 07/03/2020: MEXICO: A follow-up on Banxico’s credit and liquidity measures. 07/02/2020: 3Q20 Outlook – Resilient markets despite fears about COVID-19 and recession. 07/01/2020: MEXICO: IMEF’s PMI surveys – Similar improvement in both indices, albeit still in contraction. 07/01/2020: MEXICO: Banxico Survey – Lower GDP and higher inflation as conditions remain uncertain. 07/01/2020: MEXICO: Family remittances – Inflows kept on surprising positively in May. 07/01/2020: MEXICO: Public finance report – $180.7 billion deficit in the PSBRs until May. 06/26/2020: MEXICO: Ahead of the Curve - Expecting signs of a modest activity rebound in June. 06/26/2020: MEXICO: Trade balance – Second consecutive deficit in May, driven by weaker exports. 06/26/2020: MEXICO: IGAE – Historical contraction in April, albeit lower than expected. 06/25/2020: MEXICO: Banxico – A more dovish tone signals added willingness to ease further. 06/25/2020: MEXICO: Historical decline in April’s retail sales, below market expectations. 06/24/2020: Economic Studies: External Stability Monitor. 06/24/2020: MEXICO: 1H-June inflation –Upside surprise drives the annual rate slightly above target. 06/22/2020: MEXICO: 2020 GDP to contract even more given the delay of the economic reopening. 06/19/2020: MEXICO: Ahead of the Curve - We expect Banxico to cut the reference rate by 50bps to 5.00% and a historical 20.6% y/y decline in April’s IGAE. 06/19/2020: MEXICO: Aggregate supply and demand – Broad decline in 1Q20 as the pandemic hit activity. 06/12/2020: MEXICO: Job losses continued in May, albeit at a more modest pace. 06/12/2020: MEXICO: Ahead of the Curve - We expect 1Q20 aggregate demand at -2.0% y/y, mainly on domestic weakness. 06/11/2020: MEXICO: Industrial production – Historical decline in April due to pandemic shutdowns. 06/09/2020: MEXICO: May inflation – Annual rate stays below 3% as price pressures moderate at the margin . 06/05/2020: MEXICO: Ahead of the Curve - Expecting a historical plunge in April’s industrial activity and a rebound in May’s inflation. 06/05/2020: MEXICO: GFI kept declining in March, with further weakness ahead. 06/01/2020: MEXICO: Banxico Survey – Mixed revisions still suggest a highly uncertain environment. 06/01/2020: MEXICO: Employment figures show the strong impact from COVID-19. 06/01/2020: MEXICO: Family remittances – Slight contraction on worsening employment conditions in the US. 06/01/2020: MEXICO: IMEF’s PMI surveys – Slight uptick in services in May, but still in deep contraction. 06/01/2020: MEXICO: Public finance report – $104.6 billion deficit in the PSBRs up to April. 05/28/2020: MEXICO: Banxico Minutes – Safeguarding financial stability justifies prudent easing. 05/28/2020: MEXICO: Consumer confidence plunges in April due to the impact of the pandemic. 05/27/2020: MEXICO: Banxico QR – Closer to the end of the easing cycle. 05/26/2020: MEXICO: 1Q20 GDP – Slight upward revision in both industry and services. 05/25/2020: Economic Studies: Balance of payments in 1Q20 – Lower than expected current account deficit. 05/25/2020: MEXICO: Trade balance – Surprising deficit, with historical declines in trade volumes.0 5/22/2020: MEXICO: Ahead of the Curve - Banxico to stay dovish after strong revisions to 2020 GDP and inflation in the Quarterly Report. 05/22/2020: MEXICO: Retail sales in March start to show shifting consumer patterns due to the pandemic. 05/22/2020: MEXICO: 1H-May inflation – Strong upward surprise as non-core prices rebound higher. 05/18/2020: MEXICO: FDI – Inflows of US$10.3 billion in 1Q20, down 26.3% y/y. 05/15/2020: MEXICO: Ahead of the Curve - 1H-May inflation and March’s retail sales to continue showing the impact from COVID-19. 05/14/2020: MEXICO: Banxico – Steady as it goes with 50bps cuts, with two more expected this year. 05/14/2020: Economic Studies: Fiscal Stability Monitor. 05/13/2020: MEXICO: The Federal Government presents guidelines of the plan for reopening the economy. 05/12/2020: MEXICO: Half a million formal jobs lost in April in the midst of the COVID-19 outbreak. 05/12/2020: MEXICO: Industrial production – Better than expected in March, despite the plunge in manufacturing. 05/08/2020: MEXICO: Ahead of the Curve - Banxico to cut by 50bps to 5.50%, with a dovish tone albeit staying prudent. 05/08/2020: MEXICO: GFI on a downward path in February, with some early impact from COVID-19. 05/07/2020: MEXICO: April inflation – Annual rate at 2.1%, with the lowest monthly change in history. 05/05/2020: MEXICO: Banxico Minutes – Rate cuts still ahead, but uncertainty still calls for caution. 05/04/2020: MEXICO: Banxico Survey – Downward revision for GDP and inflation in 2020. 05/04/2020: MEXICO: Family remittances – Strongly positive surprise in March, despite COVID-19 in the US. 05/04/2020: MEXICO: IMEF’s PMI surveys – Plunging to historical lows on COVID-19 impact. 05/04/2020: MEXICO: Public finance report – $49.7 billion deficit in the PSBRs in 1Q20. 04/30/2020: MEXICO: Ahead of the Curve - Headline inflation to drop to 2.1% y/y in April on lower non-core prices. 04/30/2020: MEXICO: Banking credit bounces back in March amid companies increased liquidity needs. 04/30/2020: MEXICO: 1Q20 GDP – COVID-19 starts to become evident in activity levels. 04/28/2020: MEXICO: Trade balance – A less than expected slowdown in commerce in March. 04/27/2020: MEXICO: The unemployment rate plunges to 3.26% in March despite COVID-19 shocks. 04/24/2020: MEXICO: Ahead of the Curve - We estimate 1Q20 GDP will contract 2.6% q/q. 04/24/2020: MEXICO: IGAE – Contraction in February, dragged by industry while services remain limited. 04/23/2020: MEXICO: Very weak retail sales in February, with further pressures ahead. 04/23/2020: MEXICO: 1H-April inflation – Annual rate plunges below Banxico’s 3% target. 04/21/2020: MEXICO: Banxico – Another 50bps intra-meeting cut, with additional liquidity measures. 04/21/2020: MEXICO: Dynamic estimation of the loss of GDP due to the COVID-19 quarantine. 04/17/2020: MEXICO: Mexico keeps ‘investment grade’, despite Moody’s sovereign and Pemex downgrade. 04/17/2020: MEXICO: Ahead of the Curve - Annual inflation to dip to 2.19% y/y in 1H-April, providing more room for Banxico to cut. 04/16/2020: MEXICO: Banxico to cut another 175bps during the rest of the year, with the next 50bps very soon. 04/15/2020: MEXICO: Another sovereign debt rating downgrade, now to ‘BBB-’. 04/15/2020: MEXICO: Fitch Ratings recorta calificación a ‘BBB-’ con perspectiva ‘estable’. 04/08/2020: MEXICO: Industrial production – Very weak in February, with more declines lying ahead. 04/07/2020: MEXICO: March inflation – Plunging gasoline prices drive annual rate to 3.2%. 04/06/2020: MEXICO: GFI started 2020 on a relatively good footing, although the outlook is now more adverse. 04/05/2020: MEXICO: COVID-19 government response – To continue with the current policies. 04/03/2020: 2Q20 Outlook – The world economy under quarantine. 04/03/2020: MEXICO: Ahead of the Curve - Inflation to fall to 3.4% in March on lower non-core prices. 04/03/2020: MEXICO: Banxico Minutes – A relatively prudent policy stance in a highly complex scenario. 04/03/2020: MEXICO: Consumer confidence resilient in March, but weakness probably lies ahead. 04/02/2020: MEXICO: 2021 preliminary budget assumptions – Use of stabilization funds and a higher deficit. 04/01/2020: MEXICO: IMEF’s PMI surveys – Record low in non-manufacturing as COVID-19 impacts activity. 04/01/2020: MEXICO: Banxico Survey – Major revisions as analysts recognize the adverse outlook ahead. 04/01/2020: MEXICO: Family remittances – Gathering pace in February, albeit before the COVID-19 shock. 04/01/2020: MEXICO: Banking credit growth continues to decelerate in February. 03/31/2020: MEXICO: Public finance report – $37.6 billion deficit in the PSBRs up to February. 03/27/2020: MEXICO: Ahead of the Curve - Hard landing expected in March PMI manufacturing and confidence. 03/27/2020: MEXICO: Trade balance – Pervasive weakness in both exports and imports. 03/26/2020: MEXICO: S&P Global downgrades Mexico sovereign to ‘BBB’. Keeps ‘negative’ outlook. 03/26/2020: MEXICO: IGAE – Activity flat in January, as services disappointed. 03/26/2020: MEXICO: The unemployment rate increases to 3.69% in February, with more upside ahead. 03/25/2020: MEXICO: Strong retail sales in January, with a challenging outlook for the rest of the year. 03/24/2020: MEXICO: 1H-March inflation – First effects from COVID-19 start to show. 03/20/2020: MEXICO: Banxico – A 50bps intra-meeting cut. 03/20/2020: MEXICO: Ahead of the Curve - Trade balance and inflation figures could start to show some effects from COVID-19. 03/20/2020: The economic consequences of COVID-19 in Mexico. 03/20/2020: MEXICO: Aggregate supply and demand – External shocks impacting both 4Q19 and the outlook. 03/17/2020: US Fed aggressive actions, with Banxico following up with a prudent cut. 03/13/2020: MEXICO: Ahead of the Curve - Weak aggregate demand in 4Q19 on investment and external shocks. 03/13/2020: MEXICO: Industrial production – Positive start in 2020, but high short-term risks are looming. 03/09/2020: MEXICO: Global market rout triggers an expansion of the FX NDF program. 03/09/2020: MEXICO: February inflation – Upside surprise on price pressures in fruits and vegetables. 03/06/2020: MEXICO: Ahead of the Curve - Annual inflation to pick up to 3.5% in February. 03/06/2020: MEXICO: GFI was still weak at the end of 2019. 03/05/2020: MEXICO: Consumer confidence falls slightly in February, with some short-term risks. 03/03/2020: In an emergency move, Fed cuts rates by 50bps, Banxico will follow. 03/02/2020: MEXICO: IMEF’s PMI surveys – External and domestic drivers might induce some weakness ahead. 03/02/2020: MEXICO: Banxico Survey – 2020 GDP forecast lower again to 0.9%. 03/02/2020: MEXICO: Family remittances – Recovering dynamism at the start of the year. 03/02/2020: MEXICO: Public finance report – $9.1 billion surplus at the start of 2020, above expectations. 02/26/2020: MEXICO: Banxico QR – Retaining a dovish bias on growth with modestly higher inflation. 02/26/2020: MEXICO: Retail sales grew 2% in 2019, with a positive performance at the end of the year. 02/25/2020: MEXICO: The Mexican economy declined 0.1% in 2019, dragged by industry. 02/24/2020: MEXICO: 1H-February inflation – Relevant declines in the non-core component. 02/21/2020: MEXICO: Ahead of the Curve - Banxico to revise GDP down and inflation up for 2020. 02/18/2020: MEXICO: FDI – Inflows of US$ 32.9 billion in 2019, up 4.2% y/y. 02/14/2020: MEXICO: Ahead of the Curve - No relevant publications this week. 02/13/2020: MEXICO: Banxico – The band gets back together with a unanimous 25bps cut. 02/11/2020: MEXICO: Banxico – 2020 Monetary Program and changes to the communication strategy. 02/11/2020: MEXICO: Industrial production – Closing the year below expectations. 02/10/2020: MEXICO: Wage negotiations come in below expectations at the start of the year. 02/10/2020: MEXICO: GFI recovers in November after recent temporary shocks. 02/07/2020: MEXICO: Ahead of the Curve - Banxico to cut by 25bps in a split decision, with a slightly less dovish statement. 02/07/2020: MEXICO: Consumer confidence climbs on minimum wage optimism. 02/07/2020: MEXICO: Food prices pushed inflation higher in January. 02/05/2020: MEXICO: Citibanamex Survey – The expectation of a rate next week consolidates. 02/05/2020: MEXICO: IMEF’s PMI surveys – Signs of improvement at the turn of the year. 02/04/2020: MEXICO: Banxico Survey – 2020 GDP forecast to a new low of 1.0%. 02/04/2020: MEXICO: Family remittances – US$ 36.0 billion in 2019, new historical high. 01/31/2020: MEXICO: Public finance report – Fiscal targets are achieved in 2019. 01/31/2020: MEXICO: Banking credit decelerated further in December. 01/31/2020: MEXICO: Ahead of the Curve - Inflation to 3.28% y/y in January from 2.83% at year-end 2019. 01/30/2020: MEXICO: 4Q19 GDP – Industry shocks partially compensated by the rebound in services. 01/28/2020: MEXICO: Trade balance – Strong surplus in full-year 2019, first in seven years. 01/27/2020: MEXICO: Retail sales rebounded in November. 01/24/2020: MEXICO: Ahead of the Curve - We estimate 4Q19 GDP to contract 0.2% q/q. 01/24/2020: MEXICO: IGAE – Weakness persists on limited dynamism in services. 01/23/2020: MEXICO: 1H-January inflation – Price pressures at the turn of the year. 01/21/2020: MEXICO: Citibanamex Survey – Consensus continues to point to a 25bps cut in February. 01/21/2020: MEXICO: Unemployment rate reaches a historical low of 3.13% in December. 01/17/2020: MEXICO: Ahead of the Curve - Expecting activity to rebound in November and inflation pressures at the turn of the year. 01/16/2020: MEXICO: The US Senate swiftly approves the USMCA trade agreement. 01/15/2020: MEXICO: 1Q20 Outlook – Geopolitics to continue shaking the already fragile growth dynamics. 01/13/2020: MEXICO: GFI significantly down in October, due to weakness in transportation. 01/10/2020: MEXICO: Industrial production – Positive in mining, but limited in manufacturing. 01/09/2020: MEXICO: We estimate 2020 inflation at 3.6%, after closing last year at 2.8%. 01/08/2020: MEXICO: Citibanamex Survey – Consensus keeps calling for 75bps of accumulated cuts in 2020. 01/06/2020: MEXICO: Ahead of the Curve - Inflation likely to end 2019 below Banxico’s 3.0% target. See more 12/01/2021: MEXICO: IMEF’s PMI surveys – A more modest advance of the economy in November. 12/01/2021: MEXICO: IMEF’s PMI surveys – A more modest advance of the economy in November.
