GlobalSource Partners | Country Insights

Fiscal consolidation is not advancing toward its targets: through September, public sector borrowing requirements (PSBR) totaled MXN 959 billion (up 3% in real terms), and the primary balance plunged from a MXN 190 billion surplus to just MXN 4 billion. Budgetary revenue fell -2.8% in real annual...

Politics: 2027 gubernatorial elections—a tougher road for Morena than expected

MEXICO · Report · 09 Nov 2026

Next year's elections will determine the type of majority Morena holds in the Chamber of Deputies—absolute or qualified—and also whether the 4T expands or loses territorial control in the governorships and municipal presidencies at stake ahead of the 2030 presidential contest. The outcome also ma...

Politics: INE crisis puts the legitimacy of the 2027 elections at risk

MEXICO · Report · 02 Nov 2026

The resignation of INE President Guadalupe Taddei on October 26, after a week of revelations about corruption and influence peddling, has opened a deep crisis of credibility in Mexico’s electoral authority just as the 2027 election cycle begins. Investigations point to a network of supplier compa...

Economics: Third-quarter growth accelerates, but momentum is concentrated in a few sectors

MEXICO · Report · 02 Nov 2026

Economic activity accelerated in July and August, and the timely third-quarter figures confirmed that GDP grew 3.2% YoY, with cumulative growth of 1.9% in the first nine months and a likely year-end close near 1.7%. Within the timely third-quarter GDP estimate, the tertiary sector grew 3.3% YoY, ...

Economics: Services drive the economy in the third quarter, but without improvement in employment and at an uneven pace by sector

MEXICO · Report · 26 Oct 2026

The economy is growing at relatively high rates in the third quarter of 2026, at close to 3.5% year over year according to the IGAE, but the momentum is narrower than the headline suggests. Services, which account for about two thirds of GDP, are the main driver (3.9%), ahead of industry, whose r...

Politics: Water—another crisis in the making

MEXICO · Report · 26 Oct 2026

Mexico faces a water problem that the recent protests in Guadalajara at the beginning of October have merely brought to the surface. Three droughts in fifteen years and three supply crises in the country’s three largest cities, Monterrey in 2022, Mexico City in 2024 and Guadalajara in 2026, share...

Politics: Rebellion in the health system confirms a crisis in public health services

MEXICO · Report · 19 Oct 2026

The health system’s crisis has erupted through union mobilization. On October 13, IMSS workers protested in 37 cities across 25 states over low wages, long shifts, unstable contracts, run-down facilities, and shortages of equipment and medicines. Two days later, the more than 400,000 unionized wo...

Economics: The progress and outlook for the Infrastructure Investment Plan for Development with Well-being

MEXICO · Report · 19 Oct 2026

The Infrastructure Investment Plan for Development with Well-being projects spending of 5.6 trillion pesos between 2026 and 2030, including an additional 722 billion pesos this year. That is close to 2% of GDP and is directed mainly at energy. However, its financing is in doubt: public revenue in...

Economics: Household Spending Survey (ENG) 2025 provides significant findings on health spending and financial outlays

MEXICO · Report · 14 Oct 2026

The ENG 2025 follows household spending day by day over a full year in 28,668 households. It revives the role of the former ENGASTO and addresses the seasonal bias of the ENIGH, which is conducted over only a few months. Its estimates exceed those of the ENIGH by 21.5%, probably because the daily...

Politics: Huachicol—a never-ending scandal with serious consequences

MEXICO · Report · 13 Oct 2026

Huachicol, the theft and smuggling of fuel in Mexico, is a set of illegal markets: theft from Pemex pipelines and terminals, theft of LP gas and crude, and fiscal huachicol, in which US diesel and gasoline enter as additives or lubricants to avoid VAT and IEPS excise tax. Pemex’s official figure...

Politics: Morena now has its gubernatorial candidates; their selection points to changes in the balance of power within the party

MEXICO · Report · 05 Oct 2026

Morena has completed the selection of its 17 gubernatorial candidates for 2027, and the process reveals much about the ruling party. Opinion polls, which are the formal selection method, remain opaque and manipulable: results were published late, the firms and methodologies were not disclosed, an...

Economics: September indicators—a fragile recovery and narrowing monetary and fiscal room

MEXICO · Report · 05 Oct 2026

September's indicators point to an economy recovering unevenly and exposed on several fronts. Private consumption remain soft, with consumer confidence stuck near historic lows and private investment held back by uncertainty around USMCA and the constitutional reforms recently approved in Mexico....

Economics: Banxico holds the reference rate at 6.5% after the Fed raises its rate range

MEXICO · Report · 29 Sep 2026

Banxico held its reference rate at 6.5% for a third consecutive meeting, once again unanimously, following a cutting cycle that we consider to have been accelerated and that now leaves the central bank with little room to maneuver. Core inflation, sustained by resilient services prices, eight yea...

Politics: Electoral process—Morena goes all in, and the INE backs it up

MEXICO · Report · 28 Sep 2026

Mexico's 2027 electoral process, which formally began on September 10, is shaping up as far more than a routine midterm contest over 500 federal deputies, 17 governorships, and 1,800 mayoralties. For President Sheinbaum and Morena, the stakes are very high: preserving the qualified congressional ...

Mexico at a crossroads: Growth, fiscal strains and trade uncertainties - Slide presentation and webinar replay

MEXICO · Presentation · 24 Sep 2026

With job creation and productive investment remaining weak, what will it take to reignite Mexico’s economic growth? How serious are the challenges facing Mexico’s public finances, and what are the implications for the country's economic outlook? How can inflation be put in check? What is the futu...