The data is likely to show that real retail sales increased by 4.9% y/y in October, compared with a three-month moving average (3MMA) of 3.5% y/y. Strong growth in consumer imports and rebounding consumer confidence, coupled with solid retail sales, reported by the National Association of Supermarkets and Department Stores (ANTAD), likely boosted the retail sector. Domestic automobile sales were somewhat weak in October; however, they showed an important acceleration in November.
Figure 1: Mexico’s Retail Sales Drivers (2003=100; NSA, y/y %)
Source: INEGI and RGE
RGE expects the[...]