HomeBusiness
BusinessNews

Preliminary data shows Mexico annual GDP grew 2.6%

MND Staff
By MND Staff
0
Inegi HQ
The Mexican economy has grown 0.4% in April, after an 0.1% contraction in March. (Google)

Mexico’s economy grew 0.4% in April compared to the previous month, and 2.6% in annual terms, according to preliminary data published by the national statistics agency INEGI on Thursday.

INEGI said that final data is expected to show annual growth of 1.7% in the secondary sector, which includes manufacturing, mining and construction, and 2.8% in the tertiary or services sector, which includes a range of business from commercial businesses to transport and the health sector. INEGI didn’t provide preliminary data for the primary sector.

In addition to providing a “nowcast” prediction of 2.6% annual growth in April, INEGI offered low-end and high-end forecasts of 1.7% and 3.5%, respectively.

The 0.4% month-over-month growth comes after a 0.1% decline in economic activity in March. INEGI published preliminary data in late April that showed that the economy grew 1.1% in the first quarter of 2023 compared to the previous three months and 3.8% in annual terms.

Mexico recorded GDP growth of 3.1% in 2022, while the federal Finance Ministry is forecasting a similar expansion of 3% this year.

The International Monetary Fund is less optimistic, predicting in its most recent World Economic Outlook report that Mexico’s economy will grow by just 1.8% in 2023.

With reports from El Economista and Sin Embargo 

Have something to say? Paid Subscribers get all access to make & read comments.
Visitors explore the Teotihuacán Archaeological Zone in México state.

Mexico sets a new record for tourist arrivals and spending, even as growth slows

MND Staff - 0
Tourists arriving by land, particularly in border regions, have offset a decline in international tourists arriving by air — but some experts are still worried.

Mexico has delivered less than 1% of the water it owes to the US as border dams run low

MND Staff - 0
Mexico's water-sharing commitment to the U.S. has suffered a one-two punch. In addition to supply problems, past water debt must be liquidated along with current delivery obligations. So far, Mexico hasn't been able to keep up with the required deliveries.
three blackhawk helicopters fly over the Caribbean

Mexico agrees to buy 11 Black Hawk helicopters from the United States for US $1.07 billion

MND Staff - 1
The aircraft is, of course, designed for military use, but President Sheinbaum said the impetus for the purchase goes back to last year's deadly rains in Veracruz and elsewhere when there weren't enough helicopters immediately available for air rescue.
BETA Version - Powered by Perplexity

VIDEO OF THE WEEK