Mexican economy records 3.1% growth in 2022 (INEGI)

In 2022, the Mexican economy registered an annual growth of 3.1 percent, according to the National Institute of Statistics and Geography (INEGI).

In presenting the final estimate of the Gross Domestic Product (GDP), INEGI highlighted that the country’s growth was driven by the secondary sector, related to industrial activities, which had an increase of 3.3 percent compared to 2021.

On the other hand, the services, commerce and tourism sector registered an annual increase of 2.8 percent, while the primary sector, which includes agricultural activities, had an increase of 2.7 percent.

The figures presented by Inegi differ from the timely calculation of GDP presented at the end of January, since a punctual growth of three percent was projected for that time.

“The economy did not disappoint last year, as it presented a better performance than expected. However, recent indicators show signs of fatigue that will lead the economy to a significant slowdown this year,” said Alfredo Coutiño, director for Latin America at Moody’s Analytics.

On the other hand, in its quarterly comparison, Inegi announced that the national economy grew 3.7 percent from October to December 2022; previously, the agency also estimated an increase of 3.6 percent.

According to the agency, the boost to GDP in the fourth quarter of last year came from primary activities, which grew six percent, while the tertiary and secondary sectors increased 3.7 and 3.2 percent, respectively.

TYT Newsroom