The Strategist

Mexico's economy adds three percent in 2022

02/01/2023 - 10:17

According to early projections, the economy of Mexico expanded by 0.4 percent in the fourth quarter of 2022, with a seasonally adjusted annual rate of 3 percent, according to the National Institute of Statistics and Geography Inegi.

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"Preliminary estimates of quarterly Gross Domestic Product data for the fourth quarter of 2022 indicate seasonally adjusted growth of 0.4% in real terms." Seasonally adjusted, GDP increased by 3% annually in 2022," Inegi stated in its summary.

The main industries — agriculture, forestry, cattle, and fishing — grew by 3% last year. The mining, energy production and distribution, water and gas production, construction, and manufacturing sectors all saw secondary activity growth of 3.2%. Trade and other services, the third category, expanded by 2.7%.

Mexico's statistics for the past two years show that the COVID-19 epidemic has subsided, with a record 8.2% fall in 2020, a 4.8% increase in 2021, and a 3% increase in 2022. All economic sectors are expanding, according to the Ministry of Economy, as a result of growing employment and rising consumer consumption.