Signs of Trouble, Despite Growth

MEXICO - Report 08 Jul 2015 by Mauricio González, Guillermo Valdes, Esteban Manteca and Ernesto Cervera
Executive Summary Economic activity continues to grow in 2015. During Q1, aggregate supply and demand of goods and services grew by a real 3.5% from Q1 2014. GDP expanded by 2.5% y/y, but just 0.4% q/q, seasonally adjusted, extending the flattening trend experienced since early 2013. The prospects for the rest of 2015 look even less promising. There was further evidence of rising demand, such as in the retail industry’s robust numbers: employment and wages continued to climb, and peso softening has had virtually no pass-through effect on prices. But some weakness was apparent on the supply ...

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