The Mexican Institute of Financial Executives (IMEF) PMI (Manufacturing Purchasing Managers’ Index) rose to 52.2 in July from 49.3 in June. As a result, the index rose above the 50.0 threshold unchanged, signaling an improvement in business conditions compared to the previous month. The reading was driven by much faster inventory growth, a rebound in new orders and production, and faster employment growth.
Meanwhile, the non-manufacturing PMI stood at 52.2 in July, up from 51.8 in June, driven by faster growth in new orders and production.
The LatinFocus panel predicts the economy will grow 1.9% in 2022, a figure that is unchanged from last month’s forecasts. For 2023, the panel sees GDP growth of 1.9%.