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MEXICO: BBVA Says Consumption Remained Strong In January

MEXICO
EM BulletMexicoBulletEmerging Market NewsNorth America
  • BBVA’s big data consumption indicator for Mexico rose by 2.7% m/m in January, a sixth consecutive monthly gain. This was driven by strong growth in both goods consumption and services (both +2.6% m/m).
  • Goods consumption was supported by spending on food, where annual growth rose to its highest since last May, at 12.5% y/y. Spending on services was associated with the tourism sector.
  • BBVA expects private spending to remain the main driver of economic growth this year, given strong (albeit slowing) growth in the real wage bill.
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  • BBVA’s big data consumption indicator for Mexico rose by 2.7% m/m in January, a sixth consecutive monthly gain. This was driven by strong growth in both goods consumption and services (both +2.6% m/m).
  • Goods consumption was supported by spending on food, where annual growth rose to its highest since last May, at 12.5% y/y. Spending on services was associated with the tourism sector.
  • BBVA expects private spending to remain the main driver of economic growth this year, given strong (albeit slowing) growth in the real wage bill.