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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 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 both cases, we estimate that in 2024 both sectors will reverse the trends

Though nearshoring represents a great opportunity for the Mexican economy, it requires an environment that guarantees the reduction of logistic and production costs characterized by legal certainty, financial facilities and economic policies th…

The BBVA Multidimensional Manufacturing Indicator fell (-)1.7% YoY in February, bringing the average of the annual change of the first two months of the year to (-)1.2%, 3.2 pp below that registered in the same period of the previous year.

By the end of 2023, Mexico recorded a trade deficit of 5,463 million dollars ($5.46 bn). Manufacturing leads both exports and imports. Mexico solidified its position as the leading supplier in the US market while FDI dropped slightly in 2023.

The BBVA Multidimensional Manufacturing Indicator (BBVA MMI) grew 0.3% YoY in January, pointing to modest growth in the sector given the gradual slowdown in demand for durable goods in the US.

Economic activity grew 0.1% QoQ in 4Q23, with null variation in industry (0.0% QoQ), and modest growth in the tertiary sector (0.1% QoQ)

The BBVA Multidimensional Manufacturing Indicator (BBVA MMI) grew 0.1% YoY in December, bringing the average interannual variation in 2023 to 1.2% (vs. 6.3% the previous year)

The BBVA Research Big Data Consumption Indicator (BBVA Research BDCI) grew 2.2% MaM in December, with real figures adjusted for seasonality

The BBVA Multidimensional Manufacturing Indicator grew by 0.5% YoY in November, bringing the average YoY variation of the first eleven months of the year to 1.5% (vs. 6.6% the previous year)

The BBVA Research Big Data Consumption Indicator grew 0.9% MaM in November, with real figures adjusted for seasonality (goods 0.4% MaM, services 1.0% MaM)

The BBVA Multidimensional Manufacturing Indicator contracted (-)6.9% in October, bringing the average interannual variation of the first ten months of the year to 0.5% (vs. 5.3% in the same period of the previous year).