Mexico’s GDP grew by 3% in 2022

MEXICO – Mexico's economy grew by 3% in 2022, according to the timely estimate of the National Institute of Statistics and Geography (Inegi).

"Mexico's GDP showed a fourth quarterly increase in a row. With preliminary figures, the economy grew by 0.4% quarter-over-quarter, above the market's expectation of 0.3%. All sectors grew at a quarterly and annual rate," said Janneth Quiroz, economist at Grupo Financiero Monex.

At a quarterly rate, the timely GDP of primary activities increased by 2%; secondary activities, by 0.4%; and tertiary activities, by 0.2% in the fourth quarter of 2022.

The Undersecretary of Finance, Gabriel Yorio, previously indicated that "practically this growth has been driven by increases in almost all sectors, as well as high levels of employment and private consumption".

Inegi pointed out that the timely estimates provided in this release may change with respect to the figures generated for the traditional quarterly GDP, which will be published next February 24, 2023.