LatinNews Daily - 02 May 2023

In brief: Mexico continues to post solid GDP growth

* Mexico’s national statistics institute (Inegi) has released the latest figures on its quarterly estimation of GDP growth, showing that economic activity increased by 1.1% in the first quarter of 2023, as compared to the previous quarter. This represents the fifth consecutive quarter of growth. In the first quarter of 2023, activities in the tertiary sector (services) grew by 1.5% and those in the secondary sector (manufacturing) increased by 0.7%, while activities in the primary sector (agriculture) dropped by 3.2%. In annual terms, Inegi estimates that GDP rose by 3.8% in the first quarter of 2023, with activities in the tertiary sector up 4.3%, primary sector up 3.1% and secondary growing by 2.6%. Following the publication of the figures, Mexico’s finance ministry (SHCP) announced it expected GDP to grow by at least 2.3% in 2023.

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