FX.co ★ Mexico’s Aggregate Demand Growth Cools Sharply to 0.30% in Q1 2026

Mexico’s aggregate demand growth decelerated markedly in the first quarter of 2026, slowing to 0.30% quarter-over-quarter from 2.40% in the previous period. The latest figures, updated as of 18 June 2026, highlight a notable loss of momentum in domestic demand compared with the strong expansion recorded at the end of last year.

In the fourth quarter of 2025, aggregate demand had risen 2.40% versus the third quarter, reflecting a robust quarter-over-quarter improvement. By contrast, the 0.30% increase in the first quarter of 2026, relative to the fourth quarter of 2025, signals a much more moderate pace of growth. The comparison underscores a sharp cooling in demand conditions as the new year began, based on quarter-over-quarter dynamics rather than year-on-year changes.

According to the comparison framework, the “actual” reading for Q1 2026 represents the change from the previous quarter (Q4 2025), while the “previous” figure refers to the change in Q4 2025 relative to Q3 2025. This shift from 2.40% to 0.30% suggests that Mexico’s economy entered 2026 with significantly weaker aggregate demand growth than it enjoyed at the close of 2025.