Macroeconomic outlook report: Mexico

During the second quarter of 2022, the year-on-year growth of Mexican GDP decreased by 0.53 p.p. to 1.85%. Regarding the price level, inflation stood at a rate of 7.77% in the second quarter of the year, after registering a quarterly increase of 0.50 p.p. Regarding the labour market, the unemployment rate decreased 0.30 p.p. to register a rate of 3.27%. The Mexican peso appreciated 2.19% against the US dollar during 2Q22, reaching an average exchange rate of 20.05 pesos per dollar.

Macroeconomic outlook report: Mexico 2Q22

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Macroeconomic overview

• Mexican GDP reached a year-on-year growth of 1.85%. That said, the rate of change fell by 0.53 p.p. with respect to the previous quarter.
• The industrial activity index registered in 2Q22 a deceleration of 0.53 p.p. in its year-on-year variation, to register a rate of 3.29%.
• Regarding the labour market, the unemployment rate decreased compared to the first quarter of the year, registering 3.27% in 2Q22.
• The Mexican currency appreciated against the US dollar by 2.19% during 2Q22, reaching an average exchange rate of 20.05 pesos per dollar.
• Inflation presented a rate of 7.77% in 2Q22, which represented an acceleration of 0.50 p.p. compared to the previous quarter.

For more information, access the Macroeconomic Outlook Report of Mexico 2Q22 (only available in Spanish).