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Financial News: Mexico's GDP Growth Eases To 3.6%, Less Than

Mexico's GDP Growth Eases To 3.6%, Less Than Estimated

02/24/2023 - 08:29:00 (RTTNews)

(RTTNews) - Mexican economic growth moderated less than initially estimated in the fourth quarter after accelerating in the previous two quarters, the latest data from the National Institute of Statistics and Geography, or INEGI, showed on Friday.

Gross domestic product advanced an unadjusted 3.6 percent year-over-year in the December quarter, slower than the 4.4 percent rise in the September quarter.

The fourth quarter figure was revised up marginally from 3.5 percent.

Regarding large economic activities, the primary sector expanded the most, by 6.3 percent annually in the fourth quarter, following only a 3.3 percent increase in the third quarter.

The annual growth in the tertiary sector softened to 3.5 percent from 4.7 percent. The secondary sector grew at a slightly slower pace of 3.2 percent versus 3.5 percent expansion in the third quarter.

According to seasonally adjusted data, GDP increased 3.7 percent annually in the three months ended December. That was slightly above the 3.6 percent growth initially estimated on January 31.

Economic growth was 0.5 percent sequentially in the fourth quarter of 2022, slower than the previous quarter's 0.9 percent increase. In the preliminary report, the expansion was 0.4 percent.

In 2022, the Mexican economy grew 3.1 percent compared to 2021.

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