Gross fixed investment in Mexico grew by 3.3% in September

MEXICO – Mexico's gross fixed investment grew by 3.3% year-on-year in September, driven by the rise in the machinery and equipment sector, the National Institute of Statistics and Geography (Inegi) reported.

Based on original figures, Inegi indicated that this result was obtained in the ninth month of the year due to the 14.3% year-over-year increase in machinery and equipment spending, offset by the 5.3% fall in construction.

Thus, in the first 9 months of the year, gross fixed investment grew by 5.4% year-on-year due to the increase in machinery and equipment (12%) and construction (0.4%).

In contrast, according to seasonally adjusted data, gross fixed investment fell by 0.9% last September compared to the previous month, due to monthly contractions of 1.4% in machinery and equipment and 0.8% in construction.

The figures are a reflection of Mexico's economic performance, which grew by 0.9% quarter-on-quarter and 4.3% year-on-year in the third quarter of 2022, accumulating an annual rise of 2.9% so far this year, according to preliminary figures from Inegi released last week.

Mexican gross fixed investment grew by 10% year-on-year in 2021 driven by the economic reactivation after passing the worst stage of the coronavirus pandemic.

While it fell by 18.2% year-on-year in 2020, due to the Covid-19 crisis, which has caused nearly 330,000 deaths in Mexico, the fifth highest figure in the world.