Mexico’s economy grew by 1.1% in the first quarter of 2023, bringing growth to an annualized rate of 3.8% compared to the same period of 2022, Mexico’s National Statistics Institute said on Friday, April 28th.
The institute said growth was spurred by an expansion in industry and services, which offset a 3.2% drop in agriculture and mining.
It marked the sixth consecutive quarter of growth since the coronavirus pandemic, during which Mexico suffered a severe drop in output.
Mexico’s economy has recovered from the pandemic, but the effects of high domestic interest rates and stubborn inflation have acted as a drag on growth. Mexico’s central bank has raised interest rates to 11.25% and inflation remains high, at 6.85%.
Source: El Financiero