Mexican economy grows by 1% during 1Q

MEXICO - The Mexican economy registered a 1% growth in the first quarter of 2023, compared to the last quarter of last year, in real terms and seasonally adjusted figures, informed the National Institute of Statistics and Geography (Inegi).

This performance was below the 1.1% forecast by the consensus of analysts consulted by Bloomberg and also showed an adjustment over the timely estimate made by Inegi itself, 20 days ago.

With this advance in the January-March period, the annual record of 3.7% in GDP was achieved, which also contrasts with the 3.8% projected by Inegi in its timely estimate.

The CEO and founder of Valerio Consulting Group, Alejandro Valerio, estimated that unless there is a disaster in the United States, with a deep recession in the remainder of the year, Mexico will achieve a minimum growth of 1.4% on average in 2023.

Even with zero or negative growth in two quarters, it will achieve 1.4% growth thanks to this solid performance.

Its growth expectation for this year is 1.6% with upside risks that it qualifies by not yet counting on foreign productive investment flows, capital investment data and exports, which in April already showed negative data.