During the fourth quarter of 2021, the Mexican economy registered again a positive year-on-year rate of change of 1.62%. However, it is worth noting that it registered a drop of 3.59 p.p. with respect to the previous quarter. Regarding prices, inflation stood at a rate of 6.99% in the fourth quarter of the year, after registering a quarterly decrease of 1.19 p.p. Regarding the labour market, the unemployment rate decreased 0.11 p.p. to register a rate of 3.91%. The Mexican peso depreciated 0.72 p.p. against the US dollar during 4Q21, reaching an average exchange rate of 20.75 pesos per dollar.


Macroeconomic outlook report: Mexico 4Q21

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Macroeconomic overview

  • Mexican GDP reached a year-on-year growth of 1.62%. However, the rate of variation fell by 3.59 p.p. with respect to the previous quarter, correcting the upward trend experienced in previous quarters, and consolidating the beginning of the Mexican economy's recovery.
  • The industrial activity index registered in 4Q21 a deceleration of 3.31 p.p. in its year-on-year variation, to register a rate of 6.15%.
  • Regarding the labour market, the unemployment rate decreased compared to the third quarter of the year, reaching 3.91% in 4Q21.
  • The Mexican currency appreciated against the US dollar by 0.72% in 4Q21, reaching an average exchange rate of 20.75 pesos per dollar.
  • Inflation stood at 6.99% in 4Q21, an acceleration of 1.19 p.p. compared to the previous quarter.

For more information click here to access the executive document in pdf (only available in Spanish).