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Tax revenue was MXN 8,922 million (0.03% of GDP) below budget since the excise taxes on fuels intake was below budget despite its real annual increment of 195.1% in 1Q24.

The production of liquid hydrocarbons of Pemex Exploration and Production (PEP) in the first quarter of 2024 vs. the previous quarter showed a decrement of 36 thousand barrels a day mainly due to a lower production of superlight crude oil plus condensates by 29 thousand barrels a day.

This Observatory evaluates the factors that explain the cyclical behavior of GDP in Spain, full-time equivalent employment and productivity up to 4Q2023.

A third-in-a-row 0.4% MoM core CPI inflation reading for March following strong jobs reports added to a series of hot data that suggest a rate cut soon is off the table amid increased odds for less than three rate cuts this year.

In commemoration of International Earth Day, we present an analysis of the current water situation in Mexico. This analysis highlights the geographical, sectoral, structural, and temporary characteristics that have given rise to the current wat…

Bank performance in 2023 was affected by a lackluster macro environment, primarily due to the downturn in the property market. Bank's housing sector exposure declining, but risks from local government financial vehicles remain concerning.

By the end of 2023, the Mexican economy grew at an annual rate of 3.2%, with an extraordinary growth of 15.6% in construction and differentiated effects at the regional level. The dynamism of services underpins growth in 2023; Wholesale and Retail grew 3.9% and 4.1%, respectively.

At the end of 2023 we find opposite results in the Real Estate market. Construction presents historical results, growth rates well above the average in different indicators. The housing market is contracting with figures as of November 2023. In…

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Our most recent publications

The Big Data Consumption and Investment Indicators anticipate that domestic demand would have recovered in the first quarter of the year and would have maintained the pace at the beginning of the second quarter (April).

Observing no clear signs of deceleration, we nowcast a quarterly GDP growth closer to 1.5% as of May. Given the current solid performance and the lagged impact of the expected tighter policies in 2H, we eliminate our previous slight downward bias and now assess the risks on our 2024 GDP growth forecast of 3.5% are balanced.

Israel launched “limited” strikes on southern Rafah despite Hamas accepting the Egyptian-Qatari truce proposal. President Xi visits Europe

To avoid a ‘demographic winter’ scenario, Spain needs immigration. But just because it is necessary does not mean that it is sufficient, nor that it does not pose major challenges for the labor market and when it comes to social cohesion.

Tax revenue was MXN 8,922 million (0.03% of GDP) below budget since the excise taxes on fuels intake was below budget despite its real annual increment of 195.1% in 1Q24.

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