Embracing Fintech
•
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 2021: 4.8%
GDP 2022F:
1.7%
GDP 2023F:
1.5%
Sources: Scotiabank Economics, Bloomberg, as of July 29, 2022.
Contributions to Mexican GDP Growth
Other
MEXICAN GDP
16.5%
Finance, Insurance,
& Real Estate
14.1%
6.1%
Health & Education
18.4%
Wholesale &
Retail Trade
16.6%
Manufacturing
6.4%
Mining and Oil
& Gas Extraction
5.9%
Construction
3.4%
Natural
Resources
6.7%
Transportation
& Warehousing
BY INDUSTRY*
(Q1-2022)
2.0%
Professional,
Scientific,
& Technical
Services
3.9%
Public
Administration
* Q2-2022 real GDP growth 2.1 y/y. Industry GDP breakdown not yet available for Q2-2022.
Top Trading Partners*
24
y/y % change
20
16
12
8
4
0
-4
Other*
-8
-12
-16
-Real GDP
-20
17
18
Inventories
Government
Net Exports
Investment
Consumption
19
20
21
22
22
South Korea 2%
Others
16%
Canada 4%
United
EU 7%
States
China
12%
*Statistical discrepancy, subject to revision.
Sources: Scotiabank Economics, Haver Analytics.
* Q2-2022 real GDP growth 12.1y/y. National accounts breakdown not yet available for Q2-2022.
* Trade data updated as of Q1-2022.
59%
61
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