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Inegi's revision determined that the services sector, the largest contributor to the economy, grew 4.3 percent year-over-year in the first quarter.
Revised figures from the National Institute of Statistics and Geography (Inegi) released on Friday indicated that Mexico's economy grew 3.7 percent in the first quarter of the year compared to the same period in 2022.
Inegi reported last April 28 preliminary growth of 3.9 percent between January and March for the country's economy, the second largest in Latin America after Brazil.
Inegi's revision determined that the services sector, which is the largest contributor to the economy, grew 4.3 percent year-over-year in the first quarter, while industrial activity grew 2.5 percent in the same period.
The agricultural sector, with a minimal contribution to the Gross Domestic Product (GDP), expanded 2.3 percent year-on-year in the reference quarter.
En el primer trimestre de 2023, con cifras desestacionalizadas, el Producto Interno Bruto #PIB presentó las siguientes variaciones:
In the first quarter of 2023, with seasonally adjusted figures, the Gross Domestic Product presented the following variations: ⬆️1.0%, quarterly, ⬆️ 3.7%, annual.
Grupo Financiero Banorte warned that even with the first quarter expansion, the risk of a slowdown in the local economy persists, "with a greater dichotomy between manufacturing and services."
"It is important to mention that our base scenario contemplates that there will be no high-impact disruptions in the short term," Banorte said, referring to payment defaults in the U.S., contagion from bankruptcies in the banking sector or an upsurge of armed conflicts in Eastern Europe.
"Under that assumption, we reiterate our GDP growth expectation of 2.0 percent for the full year," the financial and banking agency added.
In 2022, the Mexican economy grew 3.0 percent, according to figures revised by Inegi. Private analysts consulted by Mexico's central bank estimate that the country's economy will grow 1.60 percent in 2023.