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Scotiabank on Today’s Growth Data

MEXICO
  • Q3 GDP data far exceeded economists’ expectations with a 4.2% y/y expansion against a median forecast of 3.3%. Scotiabank note that this follows beats in IGAE readings in five of the past eight months.
  • On a quarter-on-quarter basis, the economy grew 1.0% (vs 0.8% median), accelerating slightly from the Q2 gain of 0.9%. Overall, the year-on-year gain was broad-based as the primary sector climbed 3.8% compared to gains of 3.9% and 4.3% in secondary and tertiary activities, respectively.
  • All-in-all, Scotiabank believe the print should give Banxico additional confidence that it can keep pace with the Fed’s rate increases in the near-term without a weak economic backdrop presenting a dilemma.
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