During the second quarter of 2021, the Mexican economy registered for the first time since 3Q19, a positive year-on-year variation rate, after recording a rate of 19.15%. The Mexican economy recovered considerably as a result of the relaxation of containment measures and progress in the vaccination process. Regarding prices, inflation registered a rate of 5.95% in the second quarter of the year, after increasing by 1.96 p.p. with respect to 1Q21. Regarding the labor market, the unemployment rate stood at 4.25% in the second quarter of 2021. The Mexican peso appreciated by 2.66% against the US dollar during 2Q21.
Macroeconomic outlook report: Mexico 2Q21
- Mexican GDP registered its first positive rate in six consecutive quarters, recording a year-over-year variation rate of 19.15%. The rate of change increased by 21.92 p.p. from the previous quarter, the fourth consecutive increase over the previous quarter's growth, consolidating the recovery of the Mexican economy.
- The growth rate of private consumption increased again (25.50 p.p.) and was again in positive values (22.14%), becoming one of the engines of the country's economic recovery.
- Regarding the labor market, the unemployment rate decreased compared to the first quarter of the year, standing at 4.25% in 2Q21.
- The Mexican peso appreciated by 2.66% against the US dollar during 2Q21, reaching an average exchange rate of 20.00 pesos per dollar.
- Inflation registered a rate of 5.95% in 2Q21, after accelerating by 1.96 p.p. compared to the previous quarter.
For more information click here to access the executive document in pdf (only available in Spanish).