Latin America Publications
Below is a list of our Latin America Publications for the last 5 months. If you are looking for reports older than 5 months please email info@pantheonmacro.com, or contact your account rep
Please use the filters on the right to search for a specific date or topic.
Daily Monitor Weekly Monitor Andrés Abadía (Chief LatAm Economist)
- Mexico’s current account deficit narrowed sharply in Q1, thanks to resilient exports and remittance inflows.
- Financial inflows weakened amid US trade tensions, global volatility, and domestic political uncertainty.
- The proposed US remittance tax and economic slow- down threaten to disrupt Mexico’s external stability.
Andrés Abadía (Chief LatAm Economist)Latin America
- An agricultural rebound drove headline GDP growth in Mexico in Q1, offsetting weakness elsewhere.
- Services and industrial output fell, suggesting the economy is heavily exposed to shocks.
- Persistent inflation, especially in services, complicates Banxico’s easing path amid deteriorating conditions.
Andrés Abadía (Chief LatAm Economist)Latin America
- Brazil — Political and fiscal risks escalating
- Mexico — Stability tested by violence and reform
- Colombia — Mr. Petro’s reform agenda faces headwinds
Andrés Abadía (Chief LatAm Economist)Latin America
- Chile’s Q1 GDP beat expectations, led by services and government spending, despite a drag from mining.
- Its external accounts improved in Q1 at the headline level, despite portfolio outflows and income deficits.
- The investment outlook is brighter, given less political risk, but structural issues and uncertainty loom large.
Andrés Abadía (Chief LatAm Economist)Latin America
- Brazil’s economic activity surged in Q1, driven by agriculture and resilience in industry and services…
- …Momentum is likely to wane as tighter financial conditions and global uncertainty take hold.
- Colombia’s real GDP rose strongly in Q1, thanks to domestic demand, but structural risks persist.
Andrés Abadía (Chief LatAm Economist)Latin America
- Banxico cut rates again, but its tone was more cautious due to the recent uptick in Mexico’s inflation.
- Economic activity is weak, and inflation is within the target range, supporting the case for further easing.
- Argentina’s inflation slowed sharply in April, defying expectations after the FX liberalisation.
Andrés Abadía (Chief LatAm Economist)Latin America
- Banxico delivered another unanimous 50bp cut, to 8.50%, and pointed to more easing ahead.
- Brazil’s resilient consumption masks mounting pressures from inflation and weak services…
- …Tighter financial conditions are also a drag, but retail and labour data offer cautious optimism.
Andrés Abadía (Chief LatAm Economist)Latin America
- Brazil — Receding risk and foreign inflows
- Mexico — Rebounding, but volatility set to continue
- Chile — Boosted by tariff truce and domestic tailwinds
Andrés Abadía (Chief LatAm Economist)Latin America
- LatAm will see muted benefit from the tariff rollback, as global demand and prices remain under pressure.
- The temporary truce reduces uncertainty but does not reverse regional capex and confidence headwinds.
- Chile’s disinflation is gaining traction, offering room for further monetary policy normalisation in H2.
Andrés Abadía (Chief LatAm Economist)Latin America
- Brazil’s headline inflation is stable, but services and food prices signal still-sticky underlying pressures.
- The COPOM will hold rates steady as inflation risks linger, amid strong demand and volatile food costs.
- Colombia’s inflation accelerated in April, challenging BanRep’s easing plans and credibility.
Andrés Abadía (Chief LatAm Economist)Latin America
- Headline and core inflation in Mexico rose in April, driven mainly by seasonal services price rises…
- …But underlying trends are contained and demand remains subdued, allowing Banxico to cut this week.
- Peru’s BCRP cut rates to 4.50% and signalled a shift towards neutral, as inflation is well anchored, for now.
Andrés Abadía (Chief LatAm Economist)Latin America
- The COPOM signalled a pause to rate hikes amid persistent inflation and emerging economic cooling.
- Balanced inflation risks and global uncertainty drive the BCB’s flexible, data-dependent approach.
- We see the end of the tightening cycle, with potential rate cuts delayed until late Q4 or early 2026.
Andrés Abadía (Chief LatAm Economist)Latin America
- Brazilian Real — Stability tested as external risks mount
- Mexican Peso — Rallying on trade relief, but…
- Chilean Peso — Buoyed by copper and strong real data
Andrés Abadía (Chief LatAm Economist)Latin America
- BCCh held the policy rate at 5.0%, as external risks remain elevated and inflation is volatile.
- Resilient growth masks deeper job-market weaknesses, limiting the scope for near-term easing.
- Commodity-price declines highlight Chile’s vulnerability to shifting global trade dynamics.
Andrés Abadía (Chief LatAm Economist)Latin America
- Colombia’s central bank resumes its cautious easing cycle amid fragile growth and persistent inflation risks.
- BanRep balances disinflation momentum with fiscal slippage and intensifying external noise.
- Uncoordinated policy signals undermine credibility as Colombia faces deteriorating fundamentals.
Andrés Abadía (Chief LatAm Economist)Latin America
- Agriculture props up Mexico’s GDP, but industrial recession reveals underlying economic fragility.
- US tariffs hit manufacturing hard, while weakening labour data signal sluggish services momentum.
- Monetary easing likely to continue, but tight fiscal space limits scope for meaningful stimulus ahead.
Andrés Abadía (Chief LatAm Economist)Latin America
- Colombia’s suspension from the IMF’s Flexible Credit Line marks a turning point in its economic trajectory.
- The move is technically temporary, but it reflects deep fiscal vulnerabilities.
- BanRep is likely to hold rates as the FCL suspension raises policy constraints and market pressures.
Andrés Abadía (Chief LatAm Economist)Latin America
- February’s IGAE rebound brought short-term relief but failed to alter Mexico’s waning growth trajectory.
- External trade tensions and domestic political uncertainty continue to weigh heavily on capex.
- Government growth forecasts are disconnected from prevailing conditions, with recession risk high.
Andrés Abadía (Chief LatAm Economist)Latin America
- Inflation pressures in Brazil deepened in April, driven by food and healthcare, with risks tilted upwards.
- The BCB will hike on May 7 as it battles sticky services inflation; will it move to the sidelines thereafter?
- Fiscal fragility and currency volatility complicate the policy mix, threatening inflation and market stability.
Andrés Abadía (Chief LatAm Economist)Latin America
- Mexico’s surprise inflation rebound in early April reflects temporary shocks…
- …Primarily the lagged effect of MXN depreciation, rather than a fundamental shift in the inflation trend.
- Retail sales point to a broader slowdown in domestic demand, despite a better-than-expected Q1.
Andrés Abadía (Chief LatAm Economist)Latin America
