[Economics] Mexico economy 2022

[Mr.Jhorjan]

 

Link:https://elpais.com/mexico/2023-02-24/la-economia-de-mexico-crece-31-en-2022-a-pesar-de-la-presion-inflacionaria.html

 

Mexico grew in 2022 despite an environment of uncertainty and inflation. The country's economy grew 3.1% last year, slightly better than the 3% previously estimated by the National Institute of Statistics and Geography (INEGI). In the data published this Friday, the Gross Domestic Product (GDP) advanced 0.5% in the fourth quarter compared to the previous period. The performance of economic activity in the country was driven by industrial activities, which registered growth of 3.3%, a level not seen since 2010, mainly by the manufacturing sector.

Tertiary activities –where services are located and which contribute the most to GDP– grew 2.8% in 2022, better than the 2.7% initially estimated. While agricultural work registered a growth of 2.6%.
From last year to date, inflation has been one of the biggest challenges to overcome in the Latin American country. The consumer price index currently stands at 7.76% during the first fortnight of February, giving a slight breather after the rebound observed in the previous fortnights. However, the highest price rise in the last two decades has led the Mexican central bank to raise its interest rates to unprecedented levels to curb inflation. Currently, this reference rate is already at 11%.