Gross domestic product (GDP) grew by 1% quarterly in the first quarter of 2023, slightly below the originally calculated 1.1%, according to final data released this Friday by the National Institute of Statistics and Geography (Inegi).
The rise was due to quarterly advances in services (1.5%) and industry (0.6%)compared to 0.7% reported a month ago, while mining rose unchanged by 2.2%, Inegi clarifies in its report.
From my side, the annual rate for the first quarter was 3.7%below the originally estimated 3.9%, according to the autonomous institute’s initial data.
Mexico’s GDP at the beginning of the year is disclosed in the middle improve their forecasts for this year 2023.
The Economic Commission for Latin America and the Caribbean (Cepal) recently raised Mexico’s 1.5% growth forecast for 2023and the International Monetary Fund (IMF) raised it to 1.8% on April 11.
While the Ministry of Finance and Public Credit (SHCP) of Mexico officially estimated in March that GDP is expected to grow by 3% in 2023.
The Mexican economy is the second largest in Latin America after Brazil. up 3.1% in 2022 across all sectorswhile in 2021 it increased by 4.8%, less than the government expected.
Mexico was one of the Latin American countries GDP recovery after the Covid-19 pandemic took longerwhich caused a historic contraction of 8.2% in 2020.
(EFE)
Source: Aristegui Noticias
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
