The services sector led the economic advance, with growth of 1.5%, followed by secondary activities, which grew 0.7%. On the other hand, primary activities decreased 3.2%, in the first quarter of 2023.
Analysts expected growth of 0.8% quarterly for Mexico’s GDP in the first quarter of the year. Therefore, the data revealed by the Inegi this Friday exceeds expectations.
The Mexican economy grew 0.5% in the fourth quarter of 2022.
Thus, Mexico’s GDP grew 3.8% compared to the same quarter of 2022, with an annual increase of 3.1% for primary activities, 2.6% for secondary activities, and 4.3% for tertiary activities.
In early April, the IMF announced that it expects the Mexican economy to grow 1.8% in 2023 after growing 3.1% in 2022. The growth outlook for the country improved by 0.1 percentage points from the previous IMF estimate.
It should be noted that the timely estimates provided this morning by the Inegi could change with respect to the figures generated for the traditional quarterly GDP, which will be published on May 26, 2023.
