The National Institute of Statistics and Geography (Inegi) raised this Friday to 3.1% the final annual growth of the Gross Domestic Product (GDP) of 2022 after estimating in January a preliminary increase of 3 percent.
The data is the result of the annual advances of industry (3.3%), the agricultural sector (2.8%) and services (2.8%)according to original figures.
The rise of 2022 arrives after the growth of 4.8% in 2021 and the historic contraction of 8.2% in 2020 due to the pandemic.
FOURTH TRIMESTER
the inegi quarterly GDP growth also rose to 0.5% in the fourth quarter of 2022, after a previous estimate of 0.4%, according to seasonally adjusted figures, without seasonal factors.
This occurred due to quarterly increases in primary activities (2%), in the secondary sector (0.5%) and in the tertiary sector (0.1%).
Likewise, the Inegi increased the interannual growth of GDP in the fourth quarter to 3.6%compared to the same period in 2021, after a previous estimate of 3.5%, based on original figures.
This data was driven in particular by the year-on-year rise in the agricultural sector (6.3%), accompanied by growth in services (3.5%), and industry (3.2%).
MEET EXPECTATIONS
The GDP published this Friday is within the expectations of the Government of Mexico, whose Ministry of Finance and Public Credit (SHCP) had estimated a growth of three percent.
In the private sector there was also a consensus of 3%, according to the “Citibanamex Survey of Expectations” for January, which was carried out among 33 analysis groups from different banks, brokerage firms and others.
While the Bank of Mexico (Banxico) had also forecast a 3% increase in its last report last November.
JM
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