The Mexican Institute of Financial Executives (IMEF) Manufacturing Purchasing Managers’ Index (PMI) rose to 52.2 in July from June’s 49.3. Consequently, the index rose above the 50.0 no-change mark, signaling an improvement in business conditions from the previous month. The reading was driven by much faster growth in inventories, rebounds in new orders and output, and faster employment growth.
Meanwhile, the non-Manufacturing PMI came in at 52.2 in July, up from June’s 51.8, driven by faster growth in new orders and output.
The LatinFocus panel projects the economy to grow 1.9% in 2022, which is unchanged from last month’s forecast. For 2023, the panel sees GDP growth at 1.9%.