Recession trackers
ECONOMIC CONDITIONS / MEXICO

Mexico recession tracker

Follow output, prices and jobs with their reporting periods visible.

Checking public sources…

OUTPUT CHECKTwo-quarter rule not met

Latest consecutive quarters; not a recession declaration.

MODEL COVERAGENo probability model integrated

US probability and Sahm-rule readings are not applied to this economy.

COMPARISON BASISQuarterly GDP, not annualized

US headline GDP is annualized. Compare periods and units before comparing magnitudes.

Cards show the latest available observations. The history control changes all charts, tables and downloads. Indicators cover different periods; check each date.

Real GDP growth

Quarterly
1.42%

Q2 2026 · Quarter over quarter · not annualized · seasonally adjusted

1.77 pp versus Q1 2026

-0.880.271.42Q1 2024: 0.41 %Q2 2024: -0.16 %Q3 2024: 0.99 %Q4 2024: -0.88 %Q1 2025: 0.77 %Q2 2025: -0.02 %Q3 2025: -0.1 %Q4 2025: 0.95 %Q1 2026: -0.34 %Q2 2026: 1.42 %Oct 2023Oct 2026

Real output growth. Two consecutive negative quarters meet a rule of thumb, not an official recession determination.

Source and 10 chart observations

OECD via FRED. Retrieved 2026-10-01T07:27:21.515Z. Values may be revised.

Real GDP growth · selected chart window
PeriodValue (%)
Q1 20240.41
Q2 2024-0.16
Q3 20240.99
Q4 2024-0.88
Q1 20250.77
Q2 2025-0.02
Q3 2025-0.1
Q4 20250.95
Q1 2026-0.34
Q2 20261.42
Open source series ↗

CPI inflation

Monthly
5.57%

Jul 2024 · Year over year · all items · not seasonally adjusted

0.59 pp versus Jun 2024

Older observation. Check the publisher for a newer release.

02.785.57Nov 2023: 4.32 %Dec 2023: 4.66 %Jan 2024: 4.88 %Feb 2024: 4.4 %Mar 2024: 4.42 %Apr 2024: 4.65 %May 2024: 4.69 %Jun 2024: 4.98 %Jul 2024: 5.57 %Oct 2023Oct 2026

Headline consumer price inflation. National baskets differ. Inflation is context, not a recession trigger. This OECD series currently ends in July 2024. It is historical context, not current Mexican inflation. Consult INEGI for the current release.

Source and 9 chart observations

OECD via FRED. Retrieved 2026-10-01T07:27:21.515Z. Values may be revised.

CPI inflation · selected chart window
PeriodValue (%)
Nov 20234.32
Dec 20234.66
Jan 20244.88
Feb 20244.4
Mar 20244.42
Apr 20244.65
May 20244.69
Jun 20244.98
Jul 20245.57
Open source series ↗

Unemployment

Monthly
2.71%

Jul 2026 · Share of labor force · seasonally adjusted

-0.13 pp versus Jun 2026

01.422.84Nov 2023: 2.78 %Dec 2023: 2.84 %Jan 2024: 2.75 %Feb 2024: 2.54 %Mar 2024: 2.61 %Apr 2024: 2.73 %May 2024: 2.65 %Jun 2024: 2.73 %Jul 2024: 2.73 %Aug 2024: 2.77 %Sep 2024: 2.71 %Oct 2024: 2.49 %Nov 2024: 2.7 %Dec 2024: 2.65 %Jan 2025: 2.62 %Feb 2025: 2.59 %Mar 2025: 2.56 %Apr 2025: 2.66 %May 2025: 2.75 %Jun 2025: 2.65 %Jul 2025: 2.6 %Aug 2025: 2.67 %Sep 2025: 2.74 %Oct 2025: 2.6 %Nov 2025: 2.72 %Dec 2025: 2.6 %Jan 2026: 2.63 %Feb 2026: 2.68 %Mar 2026: 2.77 %Apr 2026: 2.58 %May 2026: 2.76 %Jun 2026: 2.84 %Jul 2026: 2.71 %Oct 2023Oct 2026

Unemployment as a share of the labor force. National coverage and survey methods differ.

Source and 33 chart observations

OECD via FRED. Retrieved 2026-10-01T07:27:21.515Z. Values may be revised.

Unemployment · selected chart window
PeriodValue (%)
Nov 20232.78
Dec 20232.84
Jan 20242.75
Feb 20242.54
Mar 20242.61
Apr 20242.73
May 20242.65
Jun 20242.73
Jul 20242.73
Aug 20242.77
Sep 20242.71
Oct 20242.49
Nov 20242.7
Dec 20242.65
Jan 20252.62
Feb 20252.59
Mar 20252.56
Apr 20252.66
May 20252.75
Jun 20252.65
Jul 20252.6
Aug 20252.67
Sep 20252.74
Oct 20252.6
Nov 20252.72
Dec 20252.6
Jan 20262.63
Feb 20262.68
Mar 20262.77
Apr 20262.58
May 20262.76
Jun 20262.84
Jul 20262.71
Open source series ↗

How should I read these indicators?

Quarterly real GDP growth is not annualized. Two negative consecutive quarters meet a common technical rule of thumb, but this is not an official recession declaration. Inflation is year-over-year price growth; unemployment measures labor-market conditions. National coverage, revisions and reporting lags differ.

What about recession probability?

No validated probability model has been integrated for this economy. The US model and Sahm-rule threshold are not transferred to other countries. The absence of a model is not a zero-percent risk estimate.

Updates and coverage

Automated sources are checked on opening and every five minutes while visible. Failed requests use dated saved observations. Canada and Australia inflation currently use two reviewed official release observations and require a reviewed update; their history is deliberately limited. Older observations are marked visibly. Values can be revised.

Mexico’s CPI chart is historical only: the integrated OECD feed ends in July 2024. Check INEGI for current inflation. Do not treat that older rate as today’s inflation.

Learn how GDP and inflation are calculated →