The Day at a Glance | March 13 2023

*Industrial production slowed down in Mexico during January. 

*This morning, US President Joe Biden plans to communicate his administration`s response to the problems in the banking industry. In this regard, on Sunday, the Biden administration assured those affected by the collapse of SVB that they will receive their money back starting this Monday. 

*Biden will also announce new laws that will protect federal land and water from oil industry related activities in Alaska. 

Economic environment

Industrial production logged 2.51% annual growth in January. This reading implies a slower pace of expansion compared to the 3.1% observed in December 2022, due to the null monthly variation recorded in the first month of the year. The construction sector decreased -1.0% on a monthly basis, due to the abrupt contraction in civil engineering works (-8.6% m/m) and specialized construction works (-7.5% m/m); however, this was offset by progress (0.8% m/m) in the generation and transmission of energy and water supply; 0.7% m/m in manufacturing, and 0.2% in mining. On an annual basis, the generation and transmission of energy and water supply recorded 4.4% annual growth, followed by manufacturing industries, which grew at a rate of 4.1% annual, and construction (2.9% annual). Even though mining logged a -3.9% decrease – mainly explained by an adverse comparable base effect, given the fact that the sub-index increased 5.1% monthly (8.0% annual) in January of 2022.