GDP Grew 0.9 Percent in 2Q22: INEGI

Mexico’s primary, secondary and tertiary activities registered the same 0.9 percent in 2Q22 in comparison to the previous quarter, as the country continues to show a slow but upward growth regarding its GDP in 2022. 

“At an annual rate and with seasonally adjusted series, the GDP rose 1.9 percent, in real terms, in the second quarter of 2022. By large groups of economic activities, the GDP of secondary activities grew 3.3%, that of primary activities, 1.4% and that of the tertiary, 0.9 percent,” reads INEGI’S press release. 

In Mexico, primary, secondary, and tertiary activities registered a 0.9 percent growth in 2Q22 according to INEGI’s seasonally adjusted figures. However, these activities showed a decrease in comparison to previous quarters, with primary activities growing 1.9 percent in 2Q21 and 1.9 percent in 1Q21. 

Secondary activities showed the largest drop in growth, falling from a 3.3 percent growth in 2Q21 and 3.2 percent in 1Q21. INEGI also reported that tertiary activities continued with the same 0.9 percent growth that it accustomed in previous quarters. INEGI also added that the series is calculated independently from other components. 

“To support decision-making, the Quarterly GDP offers a timely, complete and coherent view of the evolution of the country's economic activities. Its geographical coverage is national and it reaches a representativeness of 96.4 percent of the gross added value of the year 2013, the base year of the products of the System of National Accounts of Mexico (SCNM),” added INEGI.

INEGI gathers data that corresponds to the economy of the primary, secondary and tertiary activities, which involves 20 economic sectors, 62 subsectors and 84 branches of the manufacturing industry.

INEGI’s Timely Indicator of Economic Activity (IOAE) reports that the Mexican economy is slowing down with historic increases in inflation, as the country continues to struggle on its recovery towards pre-pandemic figures. Several economic activities in the country are showing positive signs of recovery, as Mexico's most important airlines, Volaris, Viva Aerobus and Aeroméxico reported a combined four-year high in passenger traffic and their best month of the year, as reported by MBN.