Mexico | GDP grows 1.6% at an annualized rate in 1Q21 driven by trade and services

Summary

Economic activity with a favorable evolution in 1Q21 (0.4% QoQ) with mixed performance among its components. The tertiary sector grows 0.7% QoQ in the first quarter of the year driven by the higher mobility registered in recent months.

Key points

• Key points:
• The industry shows a stagnation in 1Q21 (0.0% QoQ) affected by the power outage in Texas and some northern states, as well as by the shortage of semiconductors
• Going forward, a greater impulse from the United States would have positive effects on external demand with a transfer to the Mexican manufacturing sector
• The slow application of vaccines gives caution on the speed of recovery of consumption

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