Mexico : the great flattening

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      <subfield code="a">Q4 2019 Mexico's GDP growth came in unchanged from Q3, wich confirms our view that it has escaped technical recession, yet remaining flat for the second half of the year. Preliminary data shows services saved the day while the primary and secondary sectors contracted recively by -0.9% and 1% q/q. 2019 illustrates the divide between Mexico's supply and demand sides: amidst a manufacturing recession, investment was likely the biggest drag to GDP growth, notably due to political uncerainty, while the domestic consumer proved resilient, helped by social spending and a tight labor market. Overall, this lackluster perfomance confirms that high domestic policy uncertainty took a toll on economic outcomes, adding to U.S trade and foreign policy uncertainty. The Q4 release brings total annual growth for 2019 at -0.1% lower than expected, after +2.1% growth in 2018 and +2.4% in 2017.</subfield>
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