Monday, June 24, 2024

Consumer spending rose 6.5% in Mexico in 2022

Despite stubbornly high inflation, consumer spending in Mexico increased by 6.5% annually in 2022, according to data published by the national statistics agency INEGI on Monday. 

The data is based on INEGI’s monthly indicator of private consumption (IMCPMI), which measures household spending on domestic and imported consumer goods and services. This is one of the most important components of how Gross Domestic Product (GDP) is calculated. 

The increase was driven mainly by spending on imports, with a 13.5% increase compared to 2021. Consumption of national products grew overall by 5.6%, due largely to the services category, which rose 8.8%. The purchase of domestic goods saw a more subtle 2.4% increase. 

The figures demonstrate a continued recovery following the 11% collapse seen in 2020 due to the COVID-19 pandemic. Consumer spending increased by 8.2% in 2021. 

According to the IMCPMI, private consumption in Mexico grew 3.3% in December compared to the same month the year before. Most growth took place in domestic goods and services, with a 3.5% increase, compared to a 1.6% rise in consumption of imported products. 

From November to December in seasonally adjusted terms, consumption increased by 1%, made up of a 1.2% growth in consumption of domestic products and an 0.6% growth in import consumption. 

Stronger consumer spending reflects the country’s broader economic growth. In February, INEGI revealed that the Mexican economy grew by 3.1% in 2022, with all sectors performing better than the year before.

With reports from Aristegui

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