Thus, in the first four months of 2023, industrial production in Mexico grew by 2% year-on-year.
This is due to increases in electricity generation and water and gas supply (3.3%), manufacturing (2.4%), mining (1.8%), and construction (1%).
On the other hand, the monthly indicator of industrial activity (IMAI) rose 0.4%, in real terms and with seasonally adjusted figures, last April compared to the previous month.
In contrast, there were monthly falls in the generation of electricity and water and gas supply (-2%) and construction (-2%).
The figures reflect the behavior of the Mexican economy, whose gross domestic product (GDP) grew by 3.7% year-on-year and 1% quarterly in the first quarter of 2023, according to the final figures from Inegi.
Industrial production in Mexico increased by 3.3% annually in 2022, particularly due to manufacturing and with increases in all sectors.
Mexico’s GDP rose 3.1% in 2022 driven by all sectors, while in 2021 it rose 4.8%, a figure lower than the government’s expectation.
Mexico was one of the Latin American countries that took the longest to recover its GDP after the covid-19 pandemic, which caused a historic contraction of 8.2% in 2020.
For this 2024, the Government estimates that the Mexican economy will grow around 3%.
