Mexican Economy Ticks Up 1 Percent in First Trimester

Photo: Google


The Mexican economy eked up at the start of the year with a slight growth of 1 percent, below the government’s initial estimates of 1.1 percent, but still in the positive range, according to the National Institute of Statistics and Geography (Inegi).

According to the Inegi, during the first three months of 2023, the economy, measured through the gross domestic product (GDP), grew 1 percent in real terms compared to the previous quarter.

The drop in the expected growth rate was the result of low dynamics in the industrial sector, the Inegi said in its quarterly economic report, released on Friday, May 26.

Also, there was a slowdown of activity in the service sector in March, the report said.

The sector with the highest growth rate during the first quarter of 2023 was mining, with a 2.2 percent increase, while manufacturing registered just a 0.2 percent rise and construction barely hit a 0.1 percent growth.

Services maintained a forecasted growth of 1.5 percent, the highest rate in two years.

In the case of agriculture, the Mexican economy registered a contraction of 2.8 percent in the first three months of the year compared to the immediately preceding period, due in part of adverse weather conditions.

At an annual rate, Mexico’s GDP grew by 3.7 percent in the first quarter of 2022 based on original figures, below the 3.9 percent government forecast.

Leave a Reply