Markets Actual Q1 Q2 Q3 Q4 2022
Currency 20.90 21.09 21.24 21.39 21.54 21.84
Stock Market (points) 44628.36 43318 42347 41399 40473 38621
Government Bond 10Y (%) 6.25 6.38 6.44 6.51 6.58 6.72

Overview Actual Q1 Q2 Q3 Q4 2022
GDP Growth Rate (%) 3.30 1.5 1.3 1.1 1.1 1.1
GDP Annual Growth Rate (%) -4.30 -2 15 8 4.6 2.2
Unemployment Rate (%) 4.70 4.5 5 4.9 4.7 4.5
Inflation Rate (%) 3.54 3.9 3.7 3.5 3.6 3.5
Inflation Rate Mom (%) 0.86 0.3 0.2 0.2 0.4 0.4
Interest Rate (%) 4.00 4 4 4 4 5.5
Balance of Trade (USD Million) -1236.00 1000 1500 1300 1000 1000
Current Account (USD Million) 17408.90 -1500 -2800 -3100 -4500 -4900
Current Account to GDP (%) 2.40 0.7 0.7 0.7 0.7 -1.2
Government Debt to GDP (%) 45.50 58 58 58 58 59
Government Budget (% of GDP) -1.60 -4 -4 -4 -4 -3.7
Business Confidence (points) 43.10 43 46 48 49 51
Manufacturing PMI (points) 43.00 46 48 49 49.5 49
Consumer Confidence (points) 38.40 35.7 36 37 38 42
Retail Sales MoM (%) -2.40 0.3 0.5 0.7 0.5 0.6
Corporate Tax Rate (%) 30.00 30 30 30 30 30
Personal Income Tax Rate (%) 35.00 35 35 35 35 35

GDP Actual Q1 Q2 Q3 Q4 2022
GDP Growth Rate (%) 3.30 1.5 1.3 1.1 1.1 1.1
GDP Annual Growth Rate (%) -4.30 -2 15 8 4.6 2.2
GDP (USD Billion) 1268.87 1113 1113 1113 1113 1158
GDP Constant Prices (MXN Million) 17537100.00 17815482 17362166 18281250 17705729 18095255
Gross Fixed Capital Formation (MXN Million) 2886232.00 3328509 2743736 3117131 3018999 3085417
GDP per capita (USD) 10275.63 10080 10080 10080 10080 10290
GDP per capita PPP (USD) 19746.44 19500 19500 19500 19500 19730
GDP From Agriculture (MXN Million) 727020.28 551851 690174 574765 556671 568918
GDP From Construction (MXN Million) 1071735.00 1167358 922620 1064627 1031111 1053796
GDP From Manufacturing (MXN Million) 2861697.00 2808488 2420454 3009570 2914824 2978951
GDP From Mining (MXN Million) 839119.00 891890 924809 904805 876320 895599
GDP From Public Administration (MXN Million) 722039.40 732441 841450 763790 739744 756019
GDP From Services (MXN Million) 11517895.63 11226804 11320374 11530067 11167084 11412760
GDP From Transport (MXN Million) 1029823.00 1122950 841136 984970 953961 974949
GDP From Utilities (MXN Million) 269816.00 256924 299141 313583 303711 310393

Labour Actual Q1 Q2 Q3 Q4 2022
Unemployment Rate (%) 4.70 4.5 5 4.9 4.7 4.5
Employed Persons 53331429.00 54700000 54900000 55100000 55300000 55300000
Unemployed Persons 2549487.00 2260000 2240000 2220000 22000000 2160000
Labor Force Participation Rate (%) 56.10 58 58.4 58.8 59.1 60.6
Productivity (points) 94.90 89.9 90.1 90.5 91.5 93
Wages (MXN/Day) 428.77 410 409 411 414 422
Wages in Manufacturing (USD/Hour) 2.80 2.6 2.6 2.7 3.2 3.3
Minimum Wages (MXN/Day) 141.70 142 142 142 142 157
Population (Million) 126.58 128 128 128 129 130
Retirement Age Women 65.00 65 65 65 65 65
Retirement Age Men 65.00 65 65 65 65 65
Employment Rate (%) 95.27 96 96.3 96.6 96.9 97.1

Prices Actual Q1 Q2 Q3 Q4 2022
Inflation Rate (%) 3.54 3.9 3.7 3.5 3.6 3.5
Inflation Rate Mom (%) 0.86 0.3 0.2 0.2 0.4 0.4
Consumer Price Index CPI (points) 110.21 111 111 112 113 117
Core Consumer Prices (points) 109.63 109 110 111 112 112
Core Inflation Rate (%) 3.80 3.5 3.4 3.3 3.2 3.2
Producer Prices (points) 105.12 104 107 108 147 108
Export Prices (points) 114.37 112 112 114 115 115
Import Prices (points) 235.34 231 231 231 232 233
Inflation Expectations (Percent) 3.54 3.4 3.3 3.3 3.3 3.2
Producer Prices Change (%) 4.40 4.3 4 3.7 3.5 2.5
CPI Transportation (points) 105.78 106 105 108 107 111
Food Inflation (%) 6.36 6.3 6.1 5.9 5.7 4.9

Money Actual Q1 Q2 Q3 Q4 2022
Interest Rate (%) 4.00 4 4 4 4 5.5
Interbank Rate (%) 4.47 4.5 4.25 4.25 8.52 4.25
Foreign Exchange Reserves (USD Million) 199056.00 194000 192000 193200 194000 196000
Banks Balance Sheet (MXN Million) 9024693.00 9250000 9210000 9180000 9100000 8990000
Deposit Interest Rate (%) 0.53 0.65 0.4 0.4 2.7 0.4
Central Bank Balance Sheet (MXN Thousand) 4680753513.00 4450000000 4000000000 4200000000 4700000000 4300000000

Trade Actual Q1 Q2 Q3 Q4 2022
Balance of Trade (USD Million) -1236.00 1000 1500 1300 1000 1000
Current Account (USD Million) 17408.90 -1500 -2800 -3100 -4500 -4900
Current Account to GDP (%) 2.40 0.7 0.7 0.7 0.7 -1.2
Imports (USD Million) 33940.61 37500 36700 38400 35500 35500
Exports (USD Million) 32704.24 39000 38000 37600 38000 38000
External Debt (USD Million) 451349.70 460000 463000 4650000 468000 467250
Foreign Direct Investment (USD Million) 2436.70 6870 6920 6950 6950 7800
Remittances (USD Million ) 10640.52 9100 9400 9500 9300 9300
Tourism Revenues (USD Thousand) 611571.87 1150000 1230000 1320000 1600000 2100000
Tourist Arrivals (Thousand) 1481.64 950 1100 1300 1830 2500
Gold Reserves (Tonnes) 120.06 120 120 120 120 120
Capital Flows (USD Million) -7.10 -30 -25 -19 -20 15
Auto Exports (Thousand Units) 223.53 290 310 320 310 320

Government Actual Q1 Q2 Q3 Q4 2022
Government Debt to GDP (%) 45.50 58 58 58 58 59
Government Budget (% of GDP) -1.60 -4 -4 -4 -4 -3.7
Government Budget Value (MXN Million) -274820.00 -160000 -168000 -173000 -180000 -170000
Government Spending (MXN Million) 2159844.00 2218710 2575092 2332632 2259197 2308899
Government Revenues (MXN Million) 380863.40 357000 365000 384000 391000 391000
Fiscal Expenditure (MXN Million) 427809.40 517000 515000 513000 512000 515000
Military Expenditure (USD Million) 6375.00 7000 7000 7000 6900 6900

Taxes Actual Q1 Q2 Q3 Q4 2022
Corporate Tax Rate (%) 30.00 30 30 30 30 30
Personal Income Tax Rate (%) 35.00 35 35 35 35 35
Sales Tax Rate (%) 16.00 16 16 16 16 16
Social Security Rate (%) 9.23 9.23 9.23 9.23 9.23 9.23
Social Security Rate For Companies (%) 7.58 7.56 7.58 7.58 7.58 7.58
Social Security Rate For Employees (%) 1.65 1.5 1.65 1.65 1.65 1.65

Business Actual Q1 Q2 Q3 Q4 2022
Business Confidence (points) 43.10 43 46 48 49 51
Manufacturing PMI (points) 43.00 46 48 49 49.5 49
Industrial Production (%) -2.10 -1 15 2.9 2.5 1.7
Industrial Production Mom (%) 0.10 0.3 0.3 0.2 0.3 0.3
Manufacturing Production (%) 2.50 1.9 15.5 2.1 2.2 2.2
Capacity Utilization (%) 78.60 77 79 80 80.9 80.9
Total Vehicle Sales 43092.00 58000 61000 63000 70000 70000
Car Production (Thousand Units) 278.71 310 330 340 360 360
Car Registrations 43092.00 51500 65000 73000 82000 82000
Leading Economic Index (%) -2.70 -1.5 7.5 3.5 1.6 1.6
Private Investment (%) -12.10 -5 -5 -1.5 0.5 1.5
Mining Production (%) -2.50 -1.5 2.5 2 1.5 -1.8

Consumer Actual Q1 Q2 Q3 Q4 2022
Consumer Confidence (points) 38.40 35.7 36 37 38 42
Retail Sales MoM (%) -2.40 0.3 0.5 0.7 0.5 0.6
Retail Sales YoY (%) -5.90 0.3 13 5 2.4 2.4
Consumer Spending (MXN Million) 11024435.00 11921630 11248672 11906390 11531559 11785253
Personal Savings (%) 21.20 21 21 21 21 21
Consumer Credit (MXN Million) 1283588.20 1345461 1510777 1386275 1342633 1372171
Households Debt To GDP (% of GDP) 17.10 16.5 16.3 16.1 16.3 16.5
Gasoline Prices (USD/Liter) 0.95 0.91 0.87 0.82 0.78 0.74

Housing Actual Q1 Q2 Q3 Q4 2022
Construction Output (%) -11.56 2.1 10 6 3 1.8


This page has economic forecasts for Mexico including a long-term outlook for the next decades, plus medium-term expectations for the next four quarters and short-term market predictions for the next release affecting the Mexico economy.