Mexico | Primary income causes a higher current account deficit

Summary

We expect the trade balance to show a lower deficit this year due to the expectation of 2.4% for GDP growth vs. 3.0% in 2022. To increase the benefits of nearshoring, public policies will have to contribute to the expansion of infrastructure and its quality improvement.

Key points

• Key points:
• The current account deficit in the first quarter of 2023 was higher than the deficit posted in the same quarter of last year mainly due to the higher deficit in the balance on primary income.
• Net foreign direct investment posted an increase of 38.9% YoY in the first quarter of 2023 when comparing preliminary figures.

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