Macroeconomic outlook report: Mexico

During the first quarter of 2022, the Mexican economy again registered a positive year-on-year rate of change of 2.23%, increasing of 0.61 p.p. with respect to the previous quarter. Regarding prices, inflation stood at a rate of 7.27% in the first quarter of the year, after registering a quarterly increase of 0.28 p.p. Regarding the labour market, the unemployment rate decreased 0.38 p.p. to register a rate of 3.52%. The Mexican peso appreciated 0.25 p.p. against the US dollar during 1Q22, reaching an average exchange rate of 20.50 pesos per dollar.

Macroeconomic outlook report: Mexico 1Q22

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Macroeconomic overview

• The Mexican GDP reached a year-on-year growth of 2.23%. That said, the rate of change increased by 0.61 p.p. from the previous quarter. It is worth noting that Mexican GDP increased by 5.00 p.p. compared to the same quarter last year.
• The industrial activity index registered in 1Q22 an acceleration of 5.37 p.p. in its year-on-year variation, to register a rate of 2.96%.
• Regarding the labour market, the unemployment rate decreased by 0.38 p.p. compared to the fourth quarter of the previous year, registering 3.52% in 1Q22.
• The Mexican currency appreciated 0.25 p.p. against the US dollar during 1Q22, reaching an average exchange rate of 20.50 pesos per dollar.
• Inflation stood at 7.27% in 1Q22, an acceleration of 0.28 p.p. compared to the previous quarter.

For more information, access the Macroeconomic Outlook Report of Mexico 1Q22 (only available in Spanish).