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Mexico In Numbers Remittances from Mexico 2007 2015
Total remittances for 2016 reached an all-time high of US$26.97 billion, 8.8% more than in 2015 and surpassing the previous (2007) record of US$26.06 billion.
95.4% of remittances to Mexico came from the United States. The states with the biggest inflows were: Michoacán (US$2,532 million), Jalisco (US$2,219 million), Guanajuato (US2,264 million), State of Mexico (US1,561million), Puebla (US1,371 million), and Oaxaca (US1,289 million.)
2016
Outward remittances from Mexico, 2015–2016 (US$ millions)
Outward remittances (Million dollars)
% change
810.6
653.8
-19.3%
Number of transactions
1,546,320
1,546,390
0.0%
Average remittance
8.8%yoy US$26.97 billion
Inflation data
35% 30%
Inflation Rate (May/17) Interest Rate (May/17) Interbank Rate (May/17)
6.16% 6.75%
6.98% 0.59%
Deposit Interest Rate (Dec/15) Corporate Tax Rate (Dec/17) Personal Tax Rate (Dec/16)
Family remittances to Mexico, 2003–2016 (US$ millions)
In spite of headwinds, the economy remains resilient
Sources: BBVA, Banco de México, OECD Risks to growth outlook
15,139 18,332
21,688 25,567
26,059 25,145
21,306 21,304
Business confidence
Index 2012 = 100
Economic activity Consumer confidence
22,803
120 110 100
90 80 70
Economic activity
Capacity utilisation
2012 2013 2014
Consumer confidence
Business confidence
2015 2016
Pol
Monetary policy will push inflation back to target1
Upward Downward
• Successful renegotiation Headline Core
of NAFTA
• Timely implementation of structural reforms
• Consumption remaining dynamic
• Higher-than-expected worker remittances
2010
2012
2014 2016
• Postponing investment, in view of the NAFTA- related uncertainty
• Implementation of protectionist policies in the U.S.
• Lower-than-expected worker remittances New
• New episodes of turbulence in international financial markets
Index 2012 = 100 120
Headline
Core
Policy r
% 10
8 6 4 2
2018 0
ate
110 100 90 80
70 2012
22,438 22,303
23,647 24,785
Capacity utilisation
2013
2014
2015
2010
2012
2014
2016
2016 26,970 Source: BBVA Research based on Banco de México data.
1. Banco de México's inflation target band is 2% to 4%.
Source: OECD Economic Outlook 101 database and Banco de México.
Source: Banco de México March 2017
524 2015 423 2016
-19.3%
Source: BBVA Research with figures from Banxico.
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