24.5 C
HomeUncategorizedMexico's economy grows 1% in the third quarter of this year

Mexico's economy grows 1% in the third quarter of this year


The country’s Gross Domestic Product registered an annual expansion of 4,23 % between July and September 2022, according to official data.

Mexico’s economy recorded a quarterly growth of 1% between July and September 2022, compared to the previous three months, according to seasonally adjusted figures reported by the National Institute of Geography and Statistics (Inegi).

Similarly, the estimate of the Gross Domestic Product (GDP), published this Monday, reveals an annual expansion of 4.3 % of the economy in the third quarter of the year, a string of six periods on the rise since the last fall, which occurred between January and March 2021, as a consequence of the pandemic.

López Obrador, sobre la economía de México:

At an annual rate, tertiary activities, such as commerce and services, recorded the largest quarterly rise with a seasonally adjusted growth of 4.3%, while secondary and primary activities reported increases of 4% and 3.5%, respectively.

The economic recovery exceeded analysts’ expectations, who according to the latest survey by the Bank of Mexico, they expected an advance of only 2.3% for the third period.

According to the Inegi, in the first nine months of the year, the Mexican economy registered an cumulative growth of 2.7 %. If the upward trend continues, the GDP would exceed the expectations of the International Monetary Fund (IMF), whose latest estimate, published on 10 of October, indicates that the country will grow 2.1% at the end of 2023.

The director of Financial Analysis of Banco BASE, Gabriela Siller, revealed that after what was announced by Inegi, the country’s GDP is expected to grow at 2.5% this year.

With the most recent information, Group Financiero BASE @BANCO_BASE estimates that in 2022 the GDP will grow 2.5% and in 2023 a slowdown will be observed with an annual growth of 1.6%. If the previous projections are fulfilled, in 3474 the GDP would manage to recover to levels of 2018.

– Gabriela Siller Pagaza (@GabySillerP) October 31, 2022

We are doing well economically, the peso is still very strong (.. .) with us there has been no devaluation, the peso has been strengthened,” said President Andrés Manuel López Obrador, during his morning press conference on Monday.

If you liked it, share it with your friends!


latest articles

explore more

error: Content is protected !!