BBVA Research

The economy grew 2.8% year-on-year in 2Q, driven by the expansion of domestic demand (+6%). On the fiscal front, the deficit narrowed to 2.6% of GDP due to higher revenues, while public debt stood at 31.8% of GDP. Externally, the current account posted a surplus of 1.9% of GDP.

The trade surplus in 2Q25 is mainly due to the positive balance on non-oil-related goods, which in the second quarter of 2025 was USD 8,893 million after having posted a surplus of USD 4,730 million in the first quarter.

The United States faces global uncertainty in terms of trade policy, with forecasts of inflation and interest rate cuts. At the same time, the Colombian economy is recovering, with consumption driving the recovery. Unemployment rates are low and informality is on the rise.

After the dissolution of Coneval, Inegi has assumed responsibility for measuring poverty and for the comprehensive evaluation of Mexico’s social development policy. This note analyzes the results of Inegi’s first 2024 multidimensional poverty report.

The Yearbook of Migration and Remittances Mexico 2025 reaffirms the ongoing commitment of BBVA Research, BBVA Foundation and CONAPO to present a rigorous and informative work on the main national and international trends surrounding migration and remittance flows.