The Day at a Glance | January 10 2024

*In Mexico, private consumption decreased 0.3%, while gross fixed capital formation grew by 1.9%, according to seasonally adjusted figures for October 2023.

*Vice President of the ECB, Luis de Guindos, stated that it´s likely that the Eurozone has entered a recession in the last quarter, and the outlook remains weak.

*Republican candidates Ron DeSantis and Nikki Haley will face off in a first debate this Wednesday to emerge as alternatives to the current favorite, Donald Trump.

*Global unemployment will increase moderately in 2024, according to the UN Labor Organization.

Economic environment

In Mexico, private consumption decreased 0.3%, and gross fixed capital formation grew by 1.9%, according to seasonally adjusted figures for October 2023. Regarding consumption, monthly declines were recorded in the categories of services and imported goods at -0.7% and -1.6%, respectively, while the consumption of domestic goods increased 0.4% in October, according to seasonally adjusted figures. In the cumulative January-October period of the previous year, private consumption grew by 4.1%, according to original figures. Consumption contributes to 70% of GDP. Concerning gross fixed capital formation during October, there was a monthly and seasonally adjusted increase in residential and non-residential construction by 11.3% and 1.6%, respectively, while the purchase of machinery and equipment decreased by 0.6%. In the first ten months of 2023, gross fixed capital formation grew by 20.4%, according to figures without seasonal adjustment. Gross fixed capital formation accounts for a little over 25% of GDP.