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MEXICO: BBVA Consumption Indicator Remains Resilient In December

MEXICO
EM BulletMexicoBulletEmerging Market NewsNorth America
  • BBVA notes the relative resilience of private spending in December, as their Big Data Consumption Indicator rose by 1.0% m/m last month, a fifth consecutive gain. Point-of-sales consumption was driven by a 2.0% m/m increase in spending on goods, offsetting a 0.2% m/m decline in spending on services, the first decline there since July.
  • BBVA highlights the strength of real wages (+6.9% y/y average in 2024), as a factor underpinning the relative resilience of private spending. Looking ahead, although they expect consumption to remain relatively strong in the coming months, they see other segments, especially industry, continuing to show weakness.
  • Overall, BBVA maintain their 1.0% GDP growth forecast for this year, following an estimated 1.2% gain in 2024, with a downward bias given the high level of uncertainty
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  • BBVA notes the relative resilience of private spending in December, as their Big Data Consumption Indicator rose by 1.0% m/m last month, a fifth consecutive gain. Point-of-sales consumption was driven by a 2.0% m/m increase in spending on goods, offsetting a 0.2% m/m decline in spending on services, the first decline there since July.
  • BBVA highlights the strength of real wages (+6.9% y/y average in 2024), as a factor underpinning the relative resilience of private spending. Looking ahead, although they expect consumption to remain relatively strong in the coming months, they see other segments, especially industry, continuing to show weakness.
  • Overall, BBVA maintain their 1.0% GDP growth forecast for this year, following an estimated 1.2% gain in 2024, with a downward bias given the high level of uncertainty