Domestic economic growth is gaining momentum
The economy continued to gain upward momentum in October thanks to domestic-driven factors. Briefly, trade, IIP, and retail sales continued growing robustly in a stable inflation environment. Looking forward, the 2nd lockdown in large European economies, the 3rd largest trade partner, will once again put great uncertainty on the economic growth, but this time we believe the economy knows how to live with it. Besides, domestic consumption-driven sectors are and would be in good shape in 4Q20.