Overview

• INEGI reported real GDP growth of 0.6% quarter-on-quarter and 1.2% year-on-year in Q2 2025, marking a second straight quarterly expansion.
• Tertiary activity increased 0.8% q/q and 1.8% y/y, secondary rose 0.7% q/q but fell 0.3% y/y, and primary contracted 2.4% q/q but rose 2.6% y/y.
• Nominal GDP reached 35.801 trillion pesos, up 5.4% from a year earlier, largely reflecting a 5.3% rise in the implicit price index.
• The June IGAE rose 0.2% from May on seasonally adjusted data, though media reports diverged on the annual rate, citing either 0.9% or 1.3%.
• Banamex and Monex cautioned that U.S. tariffs under IEEPA and Section 232, alongside broader uncertainty, could slow activity in coming quarters.