Mexico | GDP grew 0.4% in 4Q22 with slow dynamism in industry and services

Summary

The factors that made the economy resilient in previous quarters are dissipating, and the environment for 2023 is challenging for all components of demand

Key points

• Key points:
• The industry's bounce is beginning to fade, with a quarterly variation of 0.4% QoQ (vs. 0.6% in 3Q22), given the weakening of external demand.
• The tertiary sector grew 0.2% QoQ, well below the 1.2% average registered in 1Q22-3Q22; the services segment loses dynamism due to the slowdown in private spending.
• Considering the preliminary data for 4Q22, GDP would grow 3.0% in 2022; we anticipate the low growth of the last quarter will extend to 2023, in an environment of high interest rates and lower demand from the US.

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