A slightly better-than-expected start to Q2 marginally lifted our 2025 GDP forecast to 0.2% growth and suggested the likely end to the recent spiral of downward revisions caused by US tariffs and record levels of economic uncertainty. In fact, if the economy remains resilient into Q3, we see scope for slight improvements in the outlook. We expect Mexico's GDP will rebound to 1.8% growth next year, above the consensus of 1.3%.
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