LatinNews Daily - 03 May 2022

In brief: Mexico posts quarterly GDP growth

*Mexico’s national statistics institute (Inegi) has released its timely estimate of GDP growth for the first quarter of 2022, which shows that the economy grew 0.9% in Q1 2022, as compared to the previous quarter. This represents the first quarterly growth since Q3 2021, following no change in Q4 2021 and a contraction in GDP in Q3 2021. According to Inegi, activity in the tertiary sector (services) and secondary sector (manufacturing) each grew by 1.1% compared to the previous quarter, with activity in the primary sector (agriculture) down 1.9%. In year-on-year terms, GDP grew 1.6%, with activities in the primary sector up 2.1%, the secondary sector up 2.8% and tertiary sector up 0.6% on the same period of 2021. Inegi notes that these figures may change when it reports its final quarterly GDP results on 25 May. This comes as private sector experts surveyed by Mexico’s central bank (Banxico) reduced Mexico’s 2022 economic growth forecast to 1.73%, down from a forecast of 1.76% the previous month.

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