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Indices are on the rise in LATAM, with the exception of Mexico.

Ignacio Teson•Friday, February 16, 2024•1 min read

Indices are on the rise in LATAM, with the exception of Mexico

Rises in Argentina, Brazil, and Colombia. Mexico falls after truck drivers’ strike.

The Friday session preceding the weekend continues with mixed returns for LATAM markets. Argentina, Brazil, and Colombia show gains around 1%, while Mexico drops 0.5%.

In terms of weekly returns, the markets close flat, with the exception of Argentina, which ends the week with a 3% increase after having fallen 10% the previous week.

Standing out in daily variations are the banking sector in Argentina, with Banco Macro and Banco Galicia leading with increases of 3%, and VALE in Brazil also seeing a 3% rise.

This occurs in a context where the growth of Latin American economies is increasingly lower, with the exception of Mexico. This week, it was revealed that the average growth in the region was below expectations.

In short, during 2023, the economies of Latin America experienced growth but was increasingly weaker.

The Gross Domestic Product (GDP) growth rate of the region increased by 2.1%, according to projections from the latest report by the Economic Commission for Latin America and the Caribbean (ECLAC).

That figure represents a decrease compared to the results of 2022 but is higher than the projected growth for 2024, which is expected to be 1.8%.

According to Cepal, the region is on a path of deceleration, partly reflecting the “low dynamism of economic growth and global trade,” which limits the region’s momentum from the world economy.

For 2024, it is forecasted that Central America and Mexico will grow by 2.7%, while South America will achieve a 1.4% increase in GDP. The worst figures were recorded by Argentina, which decreased by 2.5%, and Haiti, which contracted by 1.8%. Following them are countries that achieved positive but meager growth figures, such as Chile (0.1%), Peru (0.3%), and Colombia (0.9%).

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ABOUT THE AUTHOR See More
Ignacio Teson
Economist and Financial Analyst
Ignacio Teson is an Economist and Financial Analyst. He has more than 7 years of experience in emerging markets. He worked as an analyst and market operator at brokerage firms in Argentina and Spain.
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