Key View

• After significant expansion in 2023, we expect favourable economic conditions to support sustained growth in Mexico's autos market in 2024, as consumer purchasing power strengthens with cooling inflation and car affordability improves as Banxico begins to cut interest rates.
• However, potential headwinds could arise from a slowdown in

The Latest: On January 17 2024, US-based fast-food chain, Popeyes, announced a MXN162.0mn (USD9.0mn) investment into their expansion in Mexico. The investment will add a further 14 stores in the market, complementing the existing 36 outlets in regions such as Mexico City, the State of Mexico, Jalisco, Nuevo Leon, and Queretaro, following the

Key View: Over 2024, we hold a positive outlook for consumer spending in Mexico, albeit at a slower growth rate compared to 2023. Spending growth will be underpinned by solid economic growth, easing inflation and a still-tight labour market. Furthermore, consumer confidence remains steady, with lower inflation feeding into positive retail sales

Key View

• We have revised downwards our CAGR forecast and now project that Mexico's medical devices market will expand at a single-digit growth rate from 2023-2028.
• Increased budget allocations for hospital resources in 2024 in Mexico will support the medical devices market in the short term.
• We expect more medical devices to be approved in

The Latest: In December 2023, Mexico’s President Andrés Manuel López Obrador (also known by his initials; AMLO) opened the Megapharmacy of Welfare. The ‘super pharmacy’ was established with the objective of distributing medications across the region, addressing the persistent issues related to the supply of medicines in Mexico. Despite the

Key View

• We have maintained our forecast and project that Mexico’s medical devices market will expand by a 2022-2027 CAGR of 8.6% in local currency terms and 12.3% in US dollar terms.
• Regulatory amendments and Mexico’s digital health framework will continue to support Mexico’s medical device approvals in 2024.
• Reduced operating costs

Key View

• Oil and gas exploration efforts in Mexico have gained some momentum over 2021-2023 driven by selected IOCs and Pemex.
• However, the private investor sentiment is mixed as some IOCs relinquish rights to the blocks awarded during the 2014-2018 campaign amid disappointing results and weakening sentiment given an unfavourable regulatory

Key View

• We have once again turned more upbeat on the outlook for Mexican bank lending in 2023, forecasting that client loan growth will effectively match the 12.4% y-o-y growth rate registered in 2022.
• Lending growth has been supported by the resilience of the Mexican economy and in particular the tightness of labour market conditions, which

Key View

• We have revised our near-term forecast for crude oil (including lease condensates) for Mexico on the back of stronger than expected condensate output.
• At the same time, crude oil production sees only small growth as output from new fields and workover programs at some of the mature fields slightly outbalances steep declines among

Key View

• Intensifying drought cycles are posing considerable challenges for Mexico's water utilities providers, which have so far been focused on large capex-intensive infrastructure renewal and expansion projects in order to mitigate operational risk.
• Smart technologies - such as water meters - can become a vital and low-cost part of the