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.
- Geography Tags
- Mexico
- Topic Tags
- Country Risk
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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.
- Geography Tags
- Mexico
- Topic Tags
- Energy and Commodities
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This Observatory evaluates the factors that explain the cyclical behavior of GDP in Spain, full-time equivalent employment and productivity up to 4Q2023.
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- Spain
- Topic Tags
- Regional Analysis Spain
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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.
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- Banks
- Regional Analysis China
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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 Ret…
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- Mexico
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- Regional Analysis Mexico
- ...
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- Energy and Commodities
- Automotive Industry
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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 both cases, we estimate that in 2024 both sectors will reverse the trends
- Geography Tags
- Mexico
- Topic Tags
- Regional Analysis Mexico
- Real Estate
- Global Economy
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Without major surprise, in May the Central Bank cut once again its policy rate by 25bp, bringing it to 5,75%. We estimate that from now on the monetary normalisation process will unfold more gradually, closely following the behaviour of core inflation and the foreign exchange.
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- Latin America
- Peru
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- Central Banks
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In March 2024, the balance of the current credit portfolio granted by commercial banks to the non-financial private sector (SPNF) registered a real annual growth of 4.9%, while the balance of traditional bank deposits (sight + term) registered a real annual growth rate of 4.5%.
- Geography Tags
- Mexico
- Topic Tags
- Banks
- Financial Markets
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In the first quarter of 2024, job creation remained strong, but overall employment growth has slowed compared to last year. April saw only 175 thousand new jobs added, well below the expected 243 thousand.
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- Global
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- Global Economy
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The disinflation process stalled in the first quarter in the U.S. and in April in the Eurozone (EZ). Additionally, most countries seem stuck with high services prices. Disruptions in shipping routes continued, but without wreaking havoc in supp…
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- Global
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- Global Economy
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Monthly inflation in April was 0.59% and annual inflation 7.16%, close to market analysts' expectations (0.57%, according to Banco de la República's survey) and in line with our estimate (0.60%).
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- Latin America
- Colombia
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- Banks
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