Key View

• The medical devices market in Mexico will grow by a robust high-single digit five-year CAGR in both local currency and US dollar terms.
• Mexico’s medical device market will benefit from an improvement in relations with the US, although some tensions will remain which will contribute to investor uncertainty.
• Amendments made to the

Key View

• Recent inflation data and the minutes of the Banco de México (Banxico)’s September 30 meeting suggest that policymakers are likely to make additional hikes to the bank’s benchmark interest rate -which stands at 4.75% currently - before end-2021.
• As a result, we at Fitch Solutions have revised end-2021 and end-2022 interest rate

Key View

• In April 2022, Mexico aims to publish its National Pharmaceutical Policy which will address a number of supply chain and regulatory issues.
• Framework collaboration agreements signed by Mexico will strengthen scientific research and foster pharmaceutical innovation.
• A favourable outlook for Mexico’s president to win the recall vote

Key View

• At Fitch Solutions we expect Mexico will run a current account surplus of 0.5% of GDP in 2021, from 2.4% in 2020, as historic inbound remittances offset surge in imports.
• The surplus will narrow to 0.2% in 2022 before flipping into deficit in 2023 and the years thereafter as remittances slow and the trade deficit widens, though we

Key View

• Supply-side constraints, including the global semiconductor (chip) shortage, will limit vehicle production growth in Mexico in 2021 as automakers idle production at plants across the market and reduce their output targets to reflect this reality.
• While we expect stronger external demand for new vehicles and a gradual, albeit

Key View: We forecast household spending in Mexico to return to growth in 2021, growing by a real rate of 7.4% y-o-y, an improvement from the -10.6% y-o-y contraction in 2020. While we note that Mexico's vaccination rate has been gaining momentum, the surge in the Delta variant towards the end of July 2021 has led to renewed restrictions which

Key View

• Daily Covid-19 cases surge as Mexico is hit with third wave of infections.
• The government continue to accelerate the vaccination campaign to reduce cases.
• Mexico aims to approve homegrown vaccine by the end of the year.
• Pharmaceutical exports will increase in the long-term.

Daily cases continue to rise as Mexico is hit with

Key View

• Grupo México will continue to expand mine production, particularly in copper and zinc, over the coming years, supported by a solid project pipeline, low operating costs and strong cash flows.
• The conglomerate will remain a major player in the Latin America mining competitive landscape as it continues to expand current operations

Key View

• Mexico’s third wave of Covid-19 infections poses downside risks to our medical device market forecast.
• We now forecast that orthopaedics & prosthetics and diagnostic imaging will be the outperforming product categories over the forecast period, with double-digit CAGR growth.
• Medical device exports from Mexico will benefit from the

Key View

• We have revised our forecast for Mexico's construction industry which we now expect will see industry value expand in real terms by 10.2% y-o-y in 2021, down from a forecast of 12.0% y-o-y previously. Currently, we see average annual real growth of 3.2% y-o-y between 2022 and 2025, modestly up from a previous forecasted average of 3.1