Mexico | Consumption grew 0.7% in March driven by the services sector

Summary

The services segment grew 2.6% MoM (reaching a level 11% above its Dec-22 figure), while the consumption of goods grew 0.2% MoM, after the contraction registered the previous month

Key points

• Key points:
• Within the services sector, spending on entertainment grew the most, with a 10.5% MoM, followed by spending on airlines with a 9.5% MoM.
• Within the goods segment, food consumption fell (-)0.2%, while consumption of health care goods grew 3.1%.
• Considering the March figure, consumption at point-of-sale terminals grew 3.6% QoQ in 1Q23, 1.1 pp above the variation observed in the previous quarter.
• The positive performance of consumption during 1Q23 gives resilience to economic activity given the potential slowdown in external demand, which could be accentuated in the following months due to the tightening of financing conditions in the US, derived from the recent bank failures.

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