Mexico’s economy grew 1 percent in the July-September period compared to the previous quarter, according to preliminary data published by the National Institute of Statistics and Geography (Inegi) on Monday.
By sectors, the primary (which includes agriculture and livestock activities) advanced 1.8 percent; the secondary (related to industry) increased 0.9 percent, and the tertiary (which has to do with services) rose 1.2 percent.
With this, the national economy has advanced in 3 of the last 4 quarters. So far in 2022, it’s up 1.1 percent in the first quarter and 0.9 percent in the second.
Quarterly growth was better than expected by analysts surveyed by Bloomberg, who expected a 0.8 percent advance.
At an annual rate, that is, the comparison between the third quarter of 2022 with the same period of the previous year, the Gross Domestic Product of Mexico advanced 4.3 percent, according to Inegi data.
The growth of the third quarter was not enough for the Mexican economy to finish recovering what it lost in the pandemic crisis, since the GDP is still 0.48 percent below that of 2019.
Last week, the Ministry of Finance not only maintained its 2.4 percent annual growth forecast for Mexico’s economy, but also suggested that this percentage may ultimately be “slightly higher.”
“In this sense, what we are observing for 2023 is that Mexico and the region will continue to grow. Although the world could perhaps enter a stage of a potential economic slowdown, growth will continue to be positive in the case of Mexico,” said Undersecretary Gabriel Yorio.
The Treasury explained that the good performance of the economy during 2022 is based on a combination of the growth of formal employment with good levels of internal consumption, in addition to income from remittances and tourism.
Read the full article by El Financiero.
