Mexico’s GDP grows 1% in the second quarter

In its quarterly comparison, the timely GDP of tertiary activities advanced 1% and that of secondary and primary activities grew 0.9% in the second quarter of 2022.

At an annual rate, during the April-June period, the timely estimate of GDP rose 1.9% in real terms. By economic activity, the increases were 3.3% in secondary activities, 1.4% in primary activities and 1% in tertiary activities.

In the last quarter of 2021, the GDP advanced 0.24% at a quarterly rate; in January-March, growth was 1.01% and, finally, in this last quarter it grew 0.98%.

Thus, in the first half of 2022, GDP grew 1.9% at an annual rate, driven by an increase in primary activities of 1.8%, secondary activities of 3.2%, and tertiary activities of 1%.

The advance for two quarterly periods of the Mexican economy occurs at the same time that the GDP of the United States contracts for two consecutive quarters. In addition, the United States is expected to fall into a recession at the end of 2022, with a recovery that would last until 2023. If the US economy enters a recessive period, Mexico would also do so due to a drop in exports, according to estimates by the Group. Basic Financial.

These figures are preliminary and may differ from traditional GDP calculations, the results of which will be released on August 25, INEGI warned.