Overview

• President Claudia Sheinbaum hailed the result and said U.S. tariffs did not derail the economy as the Economy Ministry reported a 10.2% year-over-year increase.
• Reinvested earnings accounted for 84.4% of the total, new investments reached $3,149 million (the highest in 12 quarters), and intercompany accounts were 6.4%.
• The United States was the top source with 42.9% of flows, followed by Spain and Canada, and the five largest investor countries contributed 73.3%.
• Investment was highly concentrated geographically, with 79.2% in five entities; Mexico City drew 56.4% (about $19.3 billion) and Nuevo León received $3.03 billion.
• Analysts cautioned that using Banco de México’s revised 2024 base would cut the annual growth to roughly 2.5%, with definitive balance-of-payments figures expected on August 25.