Investment and consumption accelerate in the first two months of 2024

The domestic demandwhich is made up of the gross fixed investment and private consumptionreported a acceleration during February 2024thanks to favorable employment figures and the government infrastructure projects.

According to data from the National Institute of Statistics and Geography (Inegi)the fixed investmentwhich is the expenditure made by public and private companies in construction, machinery and equipmentregistered a 13.5% increase at an annual rate with original figures from January to February 2024.

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Inside, Investment in construction reported an increase of 16 percentin the reference period, while machinery and equipment did so by 11 percent.

For his part, the private consumption reported a growth of 4.0% in the first two months of the year, at an annual rate and with original figures.

Regarding consumption, services increased 2.9 percent and the national goods fell 0.5 percent.

Meanwhile, the Imported goods rose 23.9% in the first quarter of the year, detailed the Inegi.

The growth in consumption stands out, recovering its rhythm after a weak start to the year. Going forward, we anticipate that this inertia will continue; supported by the appreciation of the exchange rate, which will continue to constitute a driving factor for the consumption of goods from abroad, whose value has increased in the last five months, said Monex analysts.

Meanwhile, the Banorte financial group expects acceleration in domestic demand in the coming months, with momentum in both components.

In the short term, we consider that consumption and investment could perform better, with positive determinants at play for each.”

Banorte estimates that on the side of the investmentthe category of construction will maintain a path of greater dynamism given the acceleration in government works, anticipating greater expenditures by the federal government, given the end of the six-year term.

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