Canadian Banking and Residential Mortgages Overview
Mexican Economy
Solid mix of sectors
Services 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 2021E: 5.0%
GDP 2022F:
1.9%
GDP 2023F:
1.7%
Sources: Scotiabank Economics, Bloomberg, as of February 18, 2022.
16.5%
Finance, Insurance,
& Real Estate
14.6%
Other
3.5%
Natural
Resources
6.2%
Transportation
& Warehousing
6.1%
Health & Education
MEXICAN GDP
BY INDUSTRY*
(Q3-2021)
2.0%
Professional,
Scientific,
& Technical
Services
4.0%
Public
Administration
18.4%
Wholesale &
Retail Trade
16.2%
Manufacturing
6.3%
Mining and Oil
& Gas Extraction
6.2%
Construction
* Q4-2021 real GDP growth 1.0 y/y. Industry GDP breakdown not yet available for Q4-2021.
Top Trading Partners*
Contributions to Mexican GDP Growth
24
y/y % change
20
16
12
8
4
0
-4
Other*
-8
-12
Inventories
Government
Net Exports
Investment
Consumption
-16
Real GDP
-20
17
18
19
20
21
*Statistical discrepancy, subject to revision.
Sources: Scotiabank Economics, Haver Analytics.
* Q4-2021 real GDP growth 1.0 y/y. National accounts breakdown not yet available for Q4-2021.
South Korea 3%
Others
16%
Canada 3%
EU 8%
China
12%
* Trade data updated as of Q3-2021.
United
States
58%
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