Mexico | Consumption grew 3.4% in April with acceleration of the services sector

Summary

The BBVA Research Big Data Consumption Indicator reported an increase of 4.8% MoM in its services component, and a 3.0% MoM in the goods sector

Key points

• Key points:
• Considering the April figures, spending on services is 16% above its Dec-22 level, and consumption of goods 7% above that same threshold.
• Within the services sector, consumption in restaurants grew 9.9% and spending in hotels 9.4% (settling at levels 24% and 19% above the ones observed in Dec-22, respectively).
• Within the goods segment, food consumption grew 2.6% (reaching a level 7.6% above the one observed in Dec-22).
• We anticipate the positive performance of consumption will continue ahead, in a context of gains in real wages and employment, with an additional boost from remittances.
• Considering the latest private spending figures, we maintain the upward bias on our GDP growth forecast for 2023 (BBVA 1.4%).

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