Mexico Grows

Mexico’s IGAE index, used as a proxy for GDP, rose 3.4% year over year in February. Services led growth, rising 4.3% year over year. Industrial output rose 2.0%, and agriculture was up 2.9%. Growth was stronger than expected, and UBS economists believe that growth is set to accelerate over the medium term, supported by steady US export demand, with internal demand showing greater resilience.