the mexican economy started the year with growth slightly below that initially estimated, mainly due to less dynamism in the industrial sector, reveal the data published by the National Institute of Statistics and Geography (Inegi).
During the first three months of 2022, the economy measured through the Gross Domestic Product (GDP) it grew 1.0% in real terms in relation to the previous quarter, a rate slightly lower than the 1.1% forecast almost a month ago by the Institute.
The downward revision with respect to the preliminary data would be explained by a negative surprise in the industry and the expectation of a more moderate result in services for March, Banorte specialists commented, prior to the official announcement.
By sectors, the industry reported quarterly growth of 0.6%, a figure below the 0.7% initially estimated. ANDhe impulse was concentrated in mining with growth of 2.2% in the first three months of the year, while manufacturing reported a rise of 0.2% and construction of 0.1 percent.
Services maintained the forecast growth of 1.5%, the highest rate in two years. Most of the items would have advanced, highlighting retail trade with an increase of 3.6%; lodging and food preparation, 3.9%; as well as transportation, 1.1%, although noting some weakness in wholesale sales and government services.
In the case of agricultural activities, a contraction of 2.8% was observed. in the first three months of the year compared to the immediately preceding period, a rate lower than the -3.2% initially forecast, affected by some adverse weather conditions and with a rather challenging base effect.
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At an annual rate, the Gross Domestic Product rose 3.7% in the first quarter of 2022 based on original figures, below the 3.9% forecast. By large groups of economic activities, the GDP of agricultural activities grew 2.3%, that of industries 2.5% and that of services 4.3 percent.
Economic activity in March
The Inegi also released the results of the Global Indicator of Economic Activity (a kind of monthly GDP). Last March, the indicator reported a monthly contraction of 0.3%, a much lower rate than the -0.1% forecast in the timely estimate.
As we already know, industrial production fell 0.9% in the third month of the year, dragged down by losses in mining and manufacturing. While in services a decrease of 0.1% was observed, with which it has fallen for two months.
Despite the downward revision of the total, it continues to imply that the economy had good dynamism at the beginning of the year. Thus, the bases continue to be laid for a favorable result throughout 2023, Banorte analysts estimated.
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