The main engine of the ongoing rebound has been the services sector and, on the demand side, private consumption. However, history tells us that unless the external sector eventually supports the upturn, the economy’s vitality will not continue. The outlook for the Mexican economy is one of a gradual recovery along with that of the United States.
However, downward risks prevail, including most importantly, less-thanexpected U.S. industrial improvement, and secondly, a larger-than-anticipated contraction in oil production.