1、Mexicos Economic OutlookLast update:July 5th,2023C2-Internal NatixisTable of ContentsMacroeconomic FundamentalsPublic FinancesDebt ManagementState Owned EnterprisesC2-Internal NatixisGross Domestic Product and Employment1/Series with seasonal adjustment.Source:Mexican Institute of Social Security.3F

2、ormal Employment 1/Monthly change,Thousand jobsGDPQuarterly%change,Contribution ppEconomic Activity Index(IGAE)Index Jan-21=100Source:INEGI.Source:INEGI.In 1Q23 Mexican economy grew 1.0%,continuing to exhibit pockets of strengths.The increase in employment wasdriven by manufacturing and service sect

3、ors.1.0-2-10123IIIIIIIVI20222023Private cons.Public cons.Private invest.Public invest.Net exportsTotal106.4959799101103105107109Jan-21Apr-21Jul-21Oct-21Jan-22Apr-22Jul-22Oct-22Jan-23Apr-23AgriculturalIndustrialServicesTotal75.4-20020406080100120140160180May-22Jul-22Sep-22Nov-22Jan-23Mar-23May-23Manu

4、facturingServicesFarmExtractiveConstructionUtilitiesTradeTransportTotalC2-Internal NatixisPrivate ConsumptionSupermarket SalesIndex Jan-21=100Source:INEGI.Source:ANTAD.Private ConsumptionIndex Jan-21=100As of February 2023,data showed strong growth consumption,buoyed by imported goods.Supermarket an

5、ddepartment stores sales recovered their pre-pandemic levels.Gasoline Spending and Electricity DemandIndex Jan-20=100Source:SHCP.4113.095100105110115120125130135Jan-21Jun-21Nov-21Apr-22Sep-22Feb-23TotalImported GoodsGoods and Services106.398.695100105110May-22Sep-22Jan-23May-23TotalSame Stores101.39

6、6.780859095100105110May-22Aug-22Nov-22Feb-23May-23Electricity DemandGasoline SpendingC2-Internal NatixisManufacturing activity showed relative weakness,while industrial production continues posting sizeable gainsexplained by mining activity.Non-oil exports recorded a setback in April.Industrial Prod