Mexico | GDP grows 1.0% in 3Q22 driven by the tertiary sector and industry

Summary

Economic activity grew 1.0% QoQ in 3Q22, with prolonged dynamism in the tertiary sector (1.2%) and industry (0.9%); cloudy outlook for 2023 (BBVA 0.6%).

Key points

• Key points:
• Preliminary figures from INEGI indicate that GDP practically reached its pre-COVID level (99.9% of its 4Q19 figure), while industry exceeds it by 1.5%; the tertiary sector, for its part, is 0.7% below its pre-pandemic level.
• According to IGAE data, the component of the tertiary sector with the highest dynamism is professional services, followed by wholesale trade; in the industry, the manufacturing shows resilience.
• The outlook is cloudy for 2023 (BBVA 0.6%) in a context of high inflation and higher interest rates.

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