Mexico Recorded a 3.1% Annual GDP Growth in 2022: INEGI
The National Institute of Statistics and Geography (INEGI) highlighted that Mexico ended 2022 with GDP growth but estimates differ from those of other institutions.
Mexico’s GDP advanced at a 0.5% quarterly rate during 4Q22, with seasonally adjusted figures. INEGI explained that during 2022, Mexico’s GDP increased 3.1% at an annual rate. INEGI’s indicator is updated when statistical information is available for the given period, which is obtained from surveys, administrative records and primary data.
INEGI explained that primary activities grew 2%, secondary activities grew 0.5% and tertiary activities grew 0.1% in 4Q22 by component and with seasonally adjusted series. In real terms and at an annual rate with seasonally adjusted series, GDP increased 3.7% in 4Q22, as primary activities rose 6%, tertiary 3.7% and secondary 3.2%, explains INEGI via a press release.
Primary activities, which include agriculture, breeding and exploitation of animals, forestry, fishing and hunting recorded the largest growth per quarter in 2022 during 4Q22 with its 6.3% increase. Secondary activities showed a significant recovery, as the generation, transmission and distribution of electricity, water supply and gas through pipelines to the final consumer recorded a 3.9% growth during 4Q22, a sharp increase in comparison to the 17.7% contraction seen in 4Q21. Tertiary activities, such as cultural and recreational services, sports and other recreational services, recorded the largest growth with 38.7% during 4Q22.
INEGI’s GDP indicator is updated for the activities of agriculture, fishing, construction, automobiles, metal ores, pipeline transportation, development banking, brokerage houses, parking lots and pensions, among others.
“Its geographic coverage is national and reaches a representativeness of 96.4% of the gross added value of the year 2013, base year of the products of the System of National Accounts of Mexico (SCNM),” says INEGI.
The International Monetary Fund (IMF) provided different data, however. The IMF’s country data real GDP annual growth indicator shows a real GDP growth of 2.1% in Mexico for 2022 according to its most recent IMF data mapper, which was last updated in October 2022.