Mexico Macro Monitor: In February 2025, retail sales continued to grow, though at a slower pace compared to January. Meanwhile, wholesale sales kept declining.

MEXICO - In Brief 23 Apr 2025 by Mariano Ruiz-Funes
In February 2025, retail sales maintained the growth observed in the previous month, albeit at a slower pace: They rose 1.7% year-over-year (compared to 2.7% in January) and 0.2% month-over-month (seasonally adjusted figures). As a result, the first two months of 2025 saw a cumulative annual increase of 2.2%, contrasting with a -0.8% decrease in 2024 and -1.5% in the last quarter of that year.Graph 1Retail Sales (Revenues), 2024–2025 (YoY % change. Seasonally adjusted data) This marks a tentative but positive signal that consumer demand is holding up at the start of the year, potentially mitigating the economic slowdown observed in other areas such as production, investment, and wholesale sales, which continued to post an annual decline (-5.3%) in February. By subsector: Of the 22 categories comprising retail sales, only 6 recorded a year-over-year drop in January-February 2025. However, some key sectors underperformed, including auto parts, department store sales, and health-related goods.CHART 2Retail Sales by Subsector, Jan-Feb 2025 (YoY % change, Original data) https://d34dkm9pj0t7...

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