Mexico’s GDP grows 1% in the first quarter, one-tenth less than the initial estimate

Mexico City (EFE) – The gross domestic product (GDP) Mexico grew by 1% in the first quarter of 2023, slightly below the 1.1% initially calculated, according to final figures released this Friday by the INational Institute of Statistics and Geography (INEGI).

The increase came thanks to quarterly advances in services (1.5%) and industry (0.6%), compared with the 0.7% reported a month ago, while mining advanced unchanged at 2.2%, Inegi said in its report.

On the other hand, the annual rate for the first quarter was 3.7%, which is lower than the initially estimated 3.9%, according to the original data of the autonomous institute.

Mexico’s year-to-date GDP was released amid improved forecasts for 2023.

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Development of Mexican GDP

The Economic Commission for Latin America and the Caribbean (ECLAC) recently raised Mexico’s growth forecast for 2023 to 1.5%, and the International Monetary Fund (IMF) raised it to 1.8% on April 11.

For its part, Ministry of Finance and Public Credit (SHCP) Mexico officially estimated in March that it expects GDP growth of 3% in 2023.

The mexican economy, The second largest in Latin America behind Brazil, it grew by 3.1% in 2022, driven by all sectors, while it grew by 4.8% in 2021, below government expectations.

Mexico was one of the countries in Latin America that took the longest to recover its GDP after the covid-19 pandemic, which caused a historic contraction of 8.2% in 2020.

Photo: EFE/ Miguel Sierra

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