Mexican Economy Maintains Slow Growth in September

Mexico presented a minimal 0.7 percent GDP growth in September but the country received a stable outlook for its proper financial management from Fitch Ratings. 

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INEGI Reports 0.7 Percent Growth in Mexico

Mexico kept a constant, but slow growth rate during 2022, with the National Institute of Statistics and Geography (INEGI) reporting a 0.7 percent growth in September. 

“In September 2022 and with seasonally adjusted figures, the Global Indicator of Economic Activity (IGAE) increased 0.7 percent at a monthly rate. By component and with data adjusted for seasonality, the monthly variation was the following in September 2022: tertiary activities increased 1 percent; primaries, 0.5 percent and secondary fell 0.2 percent,” reads INEGI’s press release. 

Financial Inclusion Faces Major Challenges in Emerging Economies

Marlene Garayzar, Co-Founder, Storicard, explained that access to credit is a major barrier for millions in Mexico and women are the most affected demographic by this gap in financial inclusion. 

“As the World Bank constantly mentions, financial inclusion can help us combat the great injustices that humanity suffers daily, such as poverty, inequality and lack of access to health services. To reach these great goals, it is necessary to work hard so that all people have the same opportunities to access what a product like a credit card offers,” wrote Garayzar. 

Mexico Keeps Stable Outlook Rating

Fitch Ratings highlighted that Mexico has managed its finances adequately, as the country still depends on numerous external factors that could potentially affect its economic outlook in 2023. 

“Despite the global environment, Fitch highlighted the strength of the metrics fiscal balances, macroeconomic stability and the solid external position of the country. With this announcement, Mexico maintains the investment grade with the eight agencies that rate your sovereign debt,” reads SHCP’s press release. 

Gentera Delivers Human Financial Services

Enrique Majos, CEO, Gentera, explained that the global technological transition has been felt across industries but the financial industry has been one of the greatest adopters. 

“Undoubtedly, the financial sector is part of this disruption. Since the first decade of this century, traditional banking institutions have taken their operations into the digital world. Those transactions, once made only in a branch office or even in an ATM, nowadays can be made from any smartphone, which entails convenience and satisfaction for the user. Nevertheless, the lack of knowledge or service failures end in a lot of frustration for users, especially for elderly people who are not familiar with them,” wrote Majos.