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Mexico: Manufacturing and Services PMIs rise in March

The Mexican Institute of Financial Executives (IMEF) Manufacturing Purchasing Managers’ Index (PMI) rose to 52.3 in March from February’s 51.1. As such, the index moved further above the 50.0 no-change threshold, signaling a faster improvement in business conditions compared to the previous month. The reading was driven by faster expansions in new orders, production and employment.

The non-Manufacturing PMI stood at 52.8 in March, up from February’s 51.1, also driven by faster expansions in new orders, production and employment. The uptick in March’s PMI readings was likely driven by a sharp fall in Covid-19 cases during the month, which should have had a positive impact on mobility and workplace participation.

FocusEconomics panelists project the economy to expand 2.4% in 2022, which is down 0.2 percentage points from last month’s forecast. In 2023, they see GDP growth waning to 2.3%.

Author: Oliver Reynolds, Economist

Mexico PMI Chart

Mexico PMI March 2022 1

Note: Seasonally-adjusted IMEF PMI indices. Readings above 50 indicate an expansion/improvement in the manufacturing sector while readings below 50 indicate a contraction/deterioration.
Source: Mexican Institute of Financial Executives (IMEF, Instituto Mexicano de Ejecutivos de Finanzas).

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