During the third quarter of 2021, the Mexican economy registered again a positive year-on-year rate of change of 5.22%. However, it is worth noting that it registered a drop of 13.93 p.p. with respect to the previous quarter. Regarding prices, inflation stood at a rate of 5.80% in the third quarter of the year, after registering a quarterly decrease of 0.15 p.p. Regarding the labour market, the unemployment rate decreased 0.23 p.p. to register a rate of 4.02%. The Mexican peso appreciated 1.20 p.p. against the US dollar during 3Q21, reaching an average exchange rate of 18.80 pesos per dollar.


Macroeconomic outlook report: Mexico 3Q21

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Macroeconomic overview

  • Mexican GDP reached a year-on-year growth of 5.22%. However, the rate of variation fell by 13.93 p.p. with respect to the previous quarter, correcting the upward trend experienced in previous quarters, and consolidating the beginning of the Mexican economy's recovery.
  • The industrial activity index registered in 3Q21 a deceleration of 13.12 p.p. in its year-on-year variation, to register a rate of 9.46%.
  • Regarding the labour market, the unemployment rate decreased compared to the second quarter of the year, reaching 4.02% in 3Q21.
  • The Mexican currency appreciated against the US dollar by 2.20% in 3Q21, reaching an average exchange rate of 18.80 pesos per dollar.
  • Inflation stood at 5.80% in 3Q21, a deceleration of 0.15 p.p. compared to the previous quarter.

For more information click here to access the executive document in pdf (only available in Spanish).