COVID-19 crisis latest publications
In February, employment was boosted by the easing of mobility restrictions. By that month, 79% of the employment lost when it had deteriorated the most had been recovered. Its recovery is expected to continue and its pace will depend on economic growth, the progress of the pandemic and the measures to contain it.
Remittances to several countries in Latin America and the Caribbean grew at double digits during the month of February 2021: Mexico (+ 16.2% in USD), Guatemala (+ 16.7%), El Salvador (+ 13.0%), Dominican Republic (+ 27.6%) and Colombia (15.4%).
Total consumption continues to be unable to grow steadily, remaining at around 0% YoY. The effect of the beginning of the lockdown a year ago is starting to be felt in the different categories. Based on our indicators, activity is expected to grow again in 1Q21, although a second wave of contagions could weaken consumption.
During the second half of February, total consumption recorded an average drop of 2.6% YoY, which contracted to -8% at the beginning of March. The growth of the construction sector ratifies the trend of our spending indicators. Changes in the dynamics of ATM cash withdrawals were observed.
In the month of January, 3,298 million dollars arrived in remittances to Mexico (+25.8%). Remittances to Mexico could grow 7.0% and reach US $ 43.450 million in 2021. Quintana Roo, Campeche, Baja California Sur, Baja California and Tabasco could have growth in remittances of more than 16% in 2021.
Total card consumption grew at an average real rate of 0.4% in February. Our real-time indicators ratify the correlation with official data on supermarket sales and electricity demand. With the inoculation process in progress, no significant changes in spending were observed.
February 18, 2021
Mexico | Cyclical & structural factors explain a worse relative performance of the economy
Timid and less timely countercyclical policies, structural lags and problems of uncertainty for investment are behind the greater decline and the prospects for a slower recovery expected for Mexico.
February 2, 2021
Mexico | In 2020, Remittances grew 11.4%, despite the global crisis due to the pandemic
In 2020, 40,607 million dollars arrived in remittances to Mexico. This amount is equivalent to more than 875 billion pesos, which exceeds the federal budget of Mexico approved for 2021 to the Secretariats of Public Education, Health, Labor, Welfare and Culture as a whole.