Mexico | Lower surplus reflects higher economic dynamism in 3Q24

Summary

The current account surplus in the third quarter of 2024 was lower than the corresponding figure for the same period of 2023 mainly due to the deficit in the balance on non-oil related goods.

Key points

• Key points:
• Net foreign direct investment posted an increase of 12.4% YoY in the January-September period of 2024 when comparing advance figures.
• The balance on oil-related goods in the January-September period of 2024 is USD -7,699 million vs. USD -16,602 million during January-September of 2023.
• Given the significant share of gasoline and diesel imports in the national consumption of these energy products, the aforementioned balance could be reflecting the lower dynamism of the Mexican economy in relation to last year.
• In the first nine months of the year the economy grew at an annual rate of 1.4% vs. 3.5% in January-September of 2023 with advance figures.

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