Global Wealth Management Update

Mexican Economy • Solid mix of sectors Services and consumption are increasingly contributing to the domestic economy's recovery Trade with the U.S. is leading growth, but Mexico's diversification agenda is also underpinned by 13 free-trade agreements with 50 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 2022: 3.0% GDP 2023F: 0.8% Sources: Scotiabank Economics, Bloomberg, as of Feb 10, 2023. Contributions to Mexican GDP Growth GDP 2024F: 1.9% Other MEXICAN GDP 16.3% Finance, Insurance, & Real Estate 14.3% 6.0% Health & Education 18.8% Wholesale & Retail Trade 16.8% Manufacturing 5.8% Mining and Oil & Gas Extraction 5.8% Construction 3.4% Natural Resources 6.8% Transportation & Warehousing 2.1% BY INDUSTRY* (Q3-2022) Professional, Scientific, & Technical Services 3.8% Public Administration * Q4-2022 real GDP growth 3.5 y/y. Industry GDP breakdown is not yet available for Q4-2022. Top Trading Partners* -20 -16 -12 ≈ 1½ ½ 1 O DONN -8 24 y/y % change Other* Inventories 12 Government Real GDP 4 0 -4 18 19 Net Exports Investment Consumption 20 21 *Statistical discrepancy, subject to revision. Sources: Scotiabank Economics, Haver Analytics. 222 22 * Q4-2022 real GDP growth 3.5% y/y. National accounts breakdown not yet available for Q4-2022. Others 21% Germany 2% South Korea 3% United States Canada 4% 59% China 12% * Trade data updated as of Q3-2022. 63 63

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