MEXICO
Analysts
Mauricio González
Former Director of Economic Policy, Finance Ministry
Guillermo Valdés
Former Director, Center of Investigation & National Security
Mariano Ruiz-Funes
Former Director of Financial Policy, Ministry of Finance
Francisco González
Economic Consultant, GEA Grupo de EconomistasDatabanks
Recent Country Insights
Economics: Services drive the economy in the third quarter, but without improvement in employment and at an uneven pace by sector
MEXICO · Report · 26 Oct 2026
The economy is growing at relatively high rates in the third quarter of 2026, at close to 3.5% year over year according to the IGAE, but the momentum is narrower than the headline suggests. Services, which account for about two thirds of GDP, are the main driver (3.9%), ahead of industry, whose r...
Politics: Water—another crisis in the making
MEXICO · Report · 26 Oct 2026
Mexico faces a water problem that the recent protests in Guadalajara at the beginning of October have merely brought to the surface. Three droughts in fifteen years and three supply crises in the country’s three largest cities, Monterrey in 2022, Mexico City in 2024 and Guadalajara in 2026, share...
Politics: Rebellion in the health system confirms a crisis in public health services
MEXICO · Report · 19 Oct 2026
The health system’s crisis has erupted through union mobilization. On October 13, IMSS workers protested in 37 cities across 25 states over low wages, long shifts, unstable contracts, run-down facilities, and shortages of equipment and medicines. Two days later, the more than 400,000 unionized wo...
Economics: The progress and outlook for the Infrastructure Investment Plan for Development with Well-being
MEXICO · Report · 19 Oct 2026
The Infrastructure Investment Plan for Development with Well-being projects spending of 5.6 trillion pesos between 2026 and 2030, including an additional 722 billion pesos this year. That is close to 2% of GDP and is directed mainly at energy. However, its financing is in doubt: public revenue in...
Economics: Household Spending Survey (ENG) 2025 provides significant findings on health spending and financial outlays
MEXICO · Report · 14 Oct 2026
The ENG 2025 follows household spending day by day over a full year in 28,668 households. It revives the role of the former ENGASTO and addresses the seasonal bias of the ENIGH, which is conducted over only a few months. Its estimates exceed those of the ENIGH by 21.5%, probably because the daily...
Politics: Huachicol—a never-ending scandal with serious consequences
MEXICO · Report · 13 Oct 2026
Huachicol, the theft and smuggling of fuel in Mexico, is a set of illegal markets: theft from Pemex pipelines and terminals, theft of LP gas and crude, and fiscal huachicol, in which US diesel and gasoline enter as additives or lubricants to avoid VAT and IEPS excise tax. Pemex’s official figure...
Politics: Morena now has its gubernatorial candidates; their selection points to changes in the balance of power within the party
MEXICO · Report · 05 Oct 2026
Morena has completed the selection of its 17 gubernatorial candidates for 2027, and the process reveals much about the ruling party. Opinion polls, which are the formal selection method, remain opaque and manipulable: results were published late, the firms and methodologies were not disclosed, an...
Economics: September indicators—a fragile recovery and narrowing monetary and fiscal room
MEXICO · Report · 05 Oct 2026
September's indicators point to an economy recovering unevenly and exposed on several fronts. Private consumption remain soft, with consumer confidence stuck near historic lows and private investment held back by uncertainty around USMCA and the constitutional reforms recently approved in Mexico....
Economics: Banxico holds the reference rate at 6.5% after the Fed raises its rate range
MEXICO · Report · 29 Sep 2026
Banxico held its reference rate at 6.5% for a third consecutive meeting, once again unanimously, following a cutting cycle that we consider to have been accelerated and that now leaves the central bank with little room to maneuver. Core inflation, sustained by resilient services prices, eight yea...