The Mexican Institute of Financial Managers (IMEF) manufacturing PMI rose to 52.2 in July from 49.3 in June. As a result, the index rose above the no-change mark of 50.0, indicating improved business conditions from the previous month. The reading was driven by much faster growth in inventories, a rebound in new orders and production, and faster employment growth.
Meanwhile, the non-manufacturing PMI came in at 52.2 in July, up from 51.8 in June, driven by faster growth in new orders and production.
The LatinFocus board expects the economy to grow 1.9% in 2022, which is unchanged from last month’s forecast. For 2023, the committee sees GDP growth at 1.9%.