Digital Banking Strength and Strategic Funding
Mexican Economy
Diverse economy
•
The Mexican economy reflects a solid mix of
commodities, goods production, and services
Trade remains dominated by the U.S., but
Mexico's diversification agenda is underpinned
by 13 free-trade agreements with 47 countries
that account for 40% of global GDP and
include all G7 countries
GDP Forecast 2020:
-9.1%
GDP Forecast 2021: +3.0%
Contributions to Mexican GDP Growth
y/y % change
16.3%
Finance, Insurance,
& Real Estate
16.0%
Other
3.3%
Natural
Resources
6.5%
Transportation
& Warehousing
5.9%
Health & Education
MEXICAN GDP
BY INDUSTRY*
(Q1 2020)
17.4%
Wholesale &
Retail Trade
15.7%
Manufacturing
6.4%
Mining and Oil
& Gas Extraction
6.5%
Construction
1.9%/
Professional,
Scientific,
& Technical
Services
4.1%
Public
Administration
* Q2-2020 real GDP growth -18.9% y/y. Industry GDP breakdown not yet available for Q2-2020.
Top 5 Trading Partners*
1
-4
65432-07 2 3 4 5
-1
-2
-3
Other*
Investment
-5
17
Real GDP
18
Net Exports
Government
*Statistical discrepancy, subject to revision.
Sources: Scotiabank Economics, Haver Analytics.
19
Inventories
Consumption
20
Germany 3%
South Korea 3%|
Canada
4%
China
10%
Others
21%
United
States
60%
* Trade data updated as of Q1-2020
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