The Mexican gross domestic product (GDP) grew by 0.9% quarterly in the April-June 2023 period, reaching a record high, according to preliminary figures released this Monday by the National Institute of Statistics and Geography (Inegi).

The rise, slightly below market expectations, occurred thanks to quarterly advances in all sectors: services (1%), industry (0.8%) and agriculture (0.8%), detailed by Inegi in its report , based on seasonally adjusted figures, without seasonal factors.

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In addition, the Mexican GDP increased by 3.7% year-on-year in the period from April to June 2023, with which it also accumulated growth of 3.7% so far this year, according to original figures from the autonomous institute.

This growth was the result of annual increases in tertiary (4.2%), secondary (2.6%), and primary (2.5%) activities. With these statistics, the Mexican economy has nine consecutive quarters with increases at the annual rate and seven with growth at the quarterly level.

In the first half of 2023, there were year-on-year increases in all sectors: 4.2% in services, 2.5% in industry and 2.4% in agriculture.

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The progress of the Mexican economy is reported after it was reported last week that the United States economy, where more than 80% of Mexico's exports go, grew 0.6% quarterly from April to June, thus increasing the number of analysts ruling out a recession.

The International Monetary Fund (IMF) raised Mexico's growth forecast to 2.6% last week from a previous figure of 1.8%. The Ministry of Finance and Public Credit (SHCP) of Mexico now estimates that GDP will increase "at least" 3% in 2023.

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Original note