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Macroeconomic outlook report: Mexico

First quarter of 2019

During the first quarter of 2019, Mexico recorded a year-over-year growth rate of 0.14%, a slowdown of 1.42 p.p. from the previous quarter. This behavior was mainly due to the performance of domestic demand. Regarding prices, inflation reached 4.10% in 1Q19. Regarding the labor market, the unemployment rate increased to 3.50%. The Mexican peso appreciated against the dollar, recording an average exchange rate of 19.21 MXN/USD during the first quarter of the year.

Macroeconomic overview

  • Mexico's GDP grew at a year-over-year rate of 0.14%, decelerating by 1.42 p.p. from the previous quarter. This performance was mainly driven by the moderation in domestic demand growth after a slowdown in consumption.
  • As for the industrial activity index, during the first quarter of 2019 it registered a slowdown in its year-over-year growth of 0.90 p.p. with respect to the previous quarter, to a rate of -1.68%.
  • In the labor market, the unemployment rate rose by 0.14 p.p. compared to 4Q18 to 3.50% in 1Q19. The year-over-year growth rate of employment stood at 2.65% in the first quarter of the year, after an acceleration of 0.22 p.p. compared to 4Q18.
  • The Mexican peso appreciated against the U.S. dollar during 1Q19, to an average exchange rate of 19.21 pesos per dollar, 0.65 pesos per dollar less than in 4Q18, an appreciation of 3.32%.
  • Inflation reached 4.10% in 1Q19, after decelerating 0.72 p.p. from the previous quarter.

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

© GMS Management Solutions, S.L., 2019. All rights reserved. The information contained on this publication is of a general nature and does not constitute a professional opinion or an advisory service. The data used in this publication come from public sources. GMS Management Solutions, SL assumes no liability for the veracity or accuracy of such data.