Scotiabank ESG and Financial Performance Update
Mexican Economy
SOLID MIX OF SECTORS 1
GDP 2022: 3.1%
GDP 2023F: 1.6%
GDP 2024F: 1.3%
MEXICAN GDP BY INDUSTRY 2,3
16.4%
Finance, Insurance,
& Real Estate
6.0%
Health & Education
18.4%
•
•
Services and consumption are increasingly contributing to the
domestic economy's recovery
Trade with the U.S. is leading growth, but Mexico's diversification
agenda is also underpinned by 13 free-trade agreements with 50
countries that account for 43% of global GDP and include all G7
countries
Nearshoring optimism provides opportunities to specific exports-
oriented sectors and regions
14.7%
Other
3.5%
Natural
Resources
18.56T,
MXN2013
SAAR
(Q4-2022)
6.7%
Transportation
& Warehousing
2.0%
Professional, 3.9%
Scientific,
& Technical
Services
Public
Administration
Wholesale &
Retail Trade
16.6%
Manufacturing
5.9%
Mining and Oil
& Gas Extraction
6.0%
Construction
CONTRIBUTIONS TO MEXICAN GDP GROWTH 3,4
TOP TRADING PARTNERS 5
Other*
Inventories
Government
Real GDP
Net Exports
Investment
Consumption
A
24
20
16
12
D∞
4
y/y % change
8
-4
-8
-12
-16
-20
18
19
20
21
22
Germany 2%
South Korea 3%
Canada 4%
China
11%
Others
22%
United
States
58%
1 Sources: Scotiabank Economics, Bloomberg, as of May 18, 2023; 2 Q1-2023 real GDP growth 3.9% y/y. Industry GDP breakdown is not yet available for Q1-2023; 3 Sources: Scotiabank Economics, Haver
Analytics; 4Q1-2023 real GDP growth 3.9% y/y. National accounts breakdown not yet available for Q1-2023; 5 Trade data updated as of Q4-2022
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