LatinNews Daily - 01 August 2022

In brief: Mexico posts Q2 GDP growth

*Mexico’s national statistics institute (Inegi) has released the latest figures on its quarterly estimation of GDP, showing that economic activity increased 1% in the second quarter of 2022 as compared to the previous quarter. This represents the second consecutive quarter of growth after GDP in the first quarter of 2022 registered a 0.9% increase. According to Inegi figures, Mexico’s GDP grew by 2.1% year-on-year in seasonally adjusted terms in the second quarter of 2022. The year-on-year growth from April to June was the result of increases in the industrial sector (3.3%), agriculture (1.5%), and services (1.3%).  Mexico’s President Andrés Manuel López Obrador celebrated the news, saying that Mexico’s economy was growing while other countries were “declining economically”. He stated that, “we are making progress, and this is good news, very good news”.

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