Americas Wholesale and Retail Banking Overview
Mexican Economy
Solid mix of sectors
Manufacturing and primary producers have so
far led the recovery, but into H2-2021 services
are expected to contribute more strongly.
Trade with the U.S. is leading growth, but
Mexico's diversification agenda is also
underpinned by 15 free-trade agreements with
52 countries that account for 43% of global
GDP and include all G7 countries.
The authorities' fiscal and debt indicators
remain reasonable; efforts to boost tax
collection could continue to be implemented.
GDP Growth 2021F:
GDP Growth 2022F:
3.0%
5.9%
Sources: Bloomberg, as of August 20, 2021
Contributions to Mexican GDP Growth
16.5%
Finance, Insurance,
& Real Estate
15.4%
Other
3.4%
Natural
Resources
5.8%
Transportation
& Warehousing
6.2%
Health & Education
MEXICAN GDP
BY INDUSTRY*
(Q1-2021)
1.9%
Professional,
Scientific,
& Technical
Services
4.1%
Public
Administration
17.9%
Wholesale &
Retail Trade
16.3%
Manufacturing
6.4%
Mining and Oil
& Gas Extraction
6.1%
Construction
* Q2-2021 real GDP growth 19.7 y/y. Industry GDP breakdown not yet available for Q2-2021.
Top 5 Trading Partners*
8 6420246
[ y/y % change
-2
-4
-6
-8
-10
Other*
-12
Inventories
-14
-16
Government
Real GDP
Net Exports
Investment
Consumption
-18
-20
17
18
19
*Statistical discrepancy, subject to revision.
Sources: Scotiabank Economics, Haver Analytics.
20
21
22
Others
19%
South Korea 3%
United
Germany 3%
Canada
4%
States
60%
China
11%
* Trade data updated as of Q1-2021.
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