Mexico’s gross fixed investment grew by 6.6% year-on-year in November

MEXICO – Mexico's gross fixed investment grew by 6.6% year-on-year last November, driven in particular by 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 eleventh month of 2022 due to annual advances of 1.7% in construction and 12.6% in machinery and equipment.

Thus, in the first 11 months of last year, gross fixed investment grew by 5.6% year-on-year due to the increase in machinery and equipment (12.3%) and construction (0.4%).

On the other hand, according to seasonally adjusted data, gross fixed investment showed no variation (0%) last November compared to the previous month.

This was combined with a 1.4% monthly rise in construction, and a 1% contraction in machinery and equipment.

The figures are a reflection of Mexico's economic performance, which grew by 3% in 2022 driven by all sectors, Inegi's timely estimate revealed last week.

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

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