Publications

Formal employment showed a moderate improvement in April; however, the persistent decline in employers and registered firms, weak investment, and low regional and sectoral dynamism continue to limit a sustained recovery of Mexico’s labor market.

The BCRP held its rate at 4.25% for the eighth straight month, in line with market expectations. Both headline (4.0%) and core (4.4%) inflation remain above the target range, and the communiqué now points to a longer timeline for convergence. We maintain our stable-rate forecast with an upward bias.

The BBVA Research Big Data Consumption Indicator reported a 0.4% MoM drop (real, sa) in April, its fourth consecutive decline so far this year, recording an average YoY variation of -2.7% for the January-April 2026 period.

Headline inflation slowed to 3.2% year-on-year, driven primarily by energy prices and, to a lesser extent, services. Meanwhile, core inflation moderated to 2.8%. However, BBVA Research estimates that headline inflation could rise to 3.4% or 3.5% in May.

This presentation provides an overview of global military expenditure trends in 2025, drawing on the latest data released on 27 April by the Stockholm International Peace Research Institute (SIPRI).

The update of the DiGiX index evaluates the digital readiness of 96 economies through six key dimensions, using 2024 data. It incorporates new indicators on artificial intelligence, cybersecurity, and infrastructure, highlighting the strong correlation between ecosystem maturity and the level of economic development.

Credit growth maintained strong momentum in April pushing its trend rate to pre-regulation levels of early 2026 despite persistently high interest rates. Increasing inflation expectations and deepening real appreciation appear to be easing financial conditions as of April supporting credit growth via mostly non-capped items