LatinNews Daily - 28 February 2022

In brief: Mexico’s Q4 GDP growth revised up

*Mexico’s national statistics institute (Inegi) has released its latest data on GDP growth, which shows that there was no change in economic activity in the fourth quarter of 2021 as compared to the previous quarter. This is a revision up from the previously reported 0.1% contraction for the quarter, which prompted speculation that Mexico had entered a technical recession, given it signified a second consecutive quarterly GDP contraction. In a statement, Inegi said the revision was carried out based on the release of new statistical information from surveys, administrative records and primary data. According to the update, activity in the tertiary sector (services) contracted by 0.6%, rather than the previously reported 0.7%. Activity in the secondary sector (manufacturing) was up 0.4%, the same figure as previously reported, whereas activity in the primary (agriculture) sector was up 0.2%, rather than the previously reported 0.3%, compared to the previous quarter. Year-on-year, GDP increased 1.1% in the fourth quarter of 2021. The revision comes after Mexico’s central bank Banxico warned of a general lowering of 2022 GDP growth forecasts for Mexico, with the Organisation for Economic Co-operation and Development (OECD), Spanish-owned BBVA bank and the International Monetary Fund (IMF) among those to recently adjust forecasts downwards to 2.3%, 2.2% and 2.8% respectively.

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