Key View

• We have retained our forecast compound annual growth rate for Mexico’s medical device market in US dollar terms and in local currency terms.
• We expect to see a surge in domestic production of medical devices through increasing medical devices manufacturing facilities in the country, bolstering medical devices exports.
• Future market

Key View

• We have become increasingly bearish in our near-term crude oil production outlook for Mexico. We have revised our 2023 oil production forecast now expecting a 0.3% y-o-y decline with next year's output expected to average at 1.77mn b/d, over 36,000b/d below our initial forecast.
• Over the medium term, we expect Pemex to start

Key View

• Sustained tightness on the global LNG market, access to imported natural gas and announced investment in gas-oriented upstream projects are key drivers behind Mexico's push to increase LNG export capacity.
• Mexico is seeing growing interest from LNG investors with an expanding proposed project pipeline.
• At the same time, we note risk

Key View

• With construction activity in Mexico facing rising headwinds, we have revised down our growth forecast for Mexico’s construction industry in 2022 and 2023 to real growth of 0.9% y-o-y and 0.7% y-o-y respectively, down from our previous forecast of growth of 2.7% in 2022 and 3.1% in 2023.
• Underpinning our modest outlook for

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• At Fitch Solutions, we expect that the Banxico will raise its key policy rate by another 150 basis points to 10.00% by the end of the year. At its last meeting on August 11, Banxico hiked by 75 basis points to 8.50%.
• We had previously thought that the rate would end the year at 9.50%, but raised our forecast after August’s inflation

Key View: In Mexico, grocery and food delivery services grew exponentially during the pandemic, as consumers stayed home amidst social restriction orders. Rising rates of urbanisation, the expansion of the middle class and high rates of mobile internet adoption will contribute to the rise of delivery services in urban centres like Mexico City. We

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• While Mexico’s economy will slow in 2022, to 2.0% from 4.8% in 2021, Q222 data suggest that it will hold up better than we previously thought. Indeed, we have revised our forecast up from 1.5%, and think that Mexico will outpace US growth in 2022 for the first time since 2016.
• Nevertheless, we expect that the economy will weaken in

Key View

• Mexico’s medical device market will grow by double digits in 2022, both in local currency and US dollar terms, despite slowing economic growth over the remainder of the year.
• Diagnostic imaging, dental products and orthopaedics & prosthetics will be the outperformers in Mexico’s medical device market.
• Mexico’s medical device

Key View: We hold a positive outlook for Mexico's household goods sector over the medium term (2022-2026). This is based on an attractive demographics and incomes profile, plus the growing working-from-home trend driving the demand for functional household goods. However, we do note that low relative disposable incomes will constrain spending to

Key View

• Consumer spending growth in Mexico is expected to slow in 2022 from a high 2021 base.
• We note that inflation poses a key risk to our consumer spending forecasts, as it continues to rise and has the potential to negatively impact consumer purchasing power.
• There are also several other risks to our outlook for 2022, including the