LatinNews Daily - 18 January 2023

In brief: Mexico’s finance minister extols economic performance

* Mexico’s finance ministry (SHCP) has announced that the country’s economy grew by about 3% in 2022. Speaking at the 27th Latin American conference hosted by multinational financial services company Santander in Cancún, Quintana Roo state, Mexico’s Finance Minister Rogelio Ramírez de la O said that the country’s economy had maintained a better performance than analysts had expected, with positive indicators for the labour market and a decrease in inflation. He noted that tourism was the main source of income last year, with a yearly increase of 45%, followed by exports from the automotive sector and remittances. Ramírez de la O added that Mexico was well positioned to benefit from nearshoring trends and that investment opportunities in the country had increased, noting that Mexico was among the top eight economies to receive foreign direct investment (FDI) last year, with US$28bn invested in the first half of 2022. Finally, he highlighted that the Mexican peso registered an annual appreciation of 7.7% as of 10 January, which he said made it the currency to record the second-highest gains since December 2021.

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