Scotiabank Business Overview and Economic Outlook

Mexican Economy Solid mix of sectors • The Mexican economy reflects a solid mix of commodities, goods production, and services Trade with the U.S. is leading growth, but Mexico's diversification agenda is also underpinned by 14 free-trade agreements with 46 countries that account for 40% of global GDP and include all G7 countries Authorities' fiscal and debt indicators remain sound GDP Growth 2021F: 3.3% GDP Growth 2022F: 2.1% 17.3% Finance, Insurance, & Real Estate 15.0% Other 3.8% Natural Resources 5.3% Transportation & Warehousing 6.2% Health & Education MEXICAN GDP BY INDUSTRY* (Q3 2020) 1.9% Professional, Scientific, & Technical Services 4.3% Public Administration 17.5% Wholesale & Retail Trade 16.3% Manufacturing 6.5% Mining and Oil & Gas Extraction 5.9% Construction * Q4-2020 real GDP growth -5.2% y/y. Industry GDP breakdown not yet available for Q4-2020. Top 5 Trading Partners* Contributions to Mexican GDP Growth 8 y/y % change 6 4 2 0 -2 -4 -6 -8 -10 Other* -12 Investment Net Exports Government Inventories Consumption -14 Real GDP -16 -18 -20 17 18 19 20 *Statistical discrepancy, subject to revision. Sources: Scotiabank Economics, Haver Analytics. Others 19% South Korea 2% United Germany 3% States 61% Canada 4% China 11% * Trade data updated as of Q3-2020 58

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