EconomyMexico's GDP grows 0.9% in the second quarter of...

Mexico's GDP grows 0.9% in the second quarter of 2022

The Gross Domestic Product (GDP) of Mexico grew 0.9% between last April and June, compared to the previous three months, with which it accumulated three consecutive quarters on the rise, reported this Thursday the National Institute of Statistics and Geography (Inegi).

The one released in July, estimated that the economy grew 1%.

Primary, secondary and tertiary activities grew at the same rate of 0.9%, compared to the first quarter.

GDP growth was affected by a contraction in economic activity of 0.3% during June, according to Inegi.

With a monthly decrease of 6% in primary activities, an increase of 0.1% in secondary activities and a stagnation in tertiary activities, which did not show variation.

The drop in primary activities in June was 3% at the annual rate, while secondary and tertiary activities grew 3.8% and 1%, respectively.

Thus, in the first six months of 2022, the GDP maintains a growth of 1.9% compared to the first half of 2021. And a recovery is observed in the cultural, sports and other recreational services sector, with an advance of 63.1% per year. In addition, lodging, food and beverage services grew 32.6% in the semester.

However, the construction sector continues with the slowest growth, among those shown today by the Inegi, since it only expanded 0.5% throughout the semester.

Compared to the second quarter of 2021, the GDP had an advance of 1.9%, where secondary activities grew 3.3%, primary activities, 1.4%, and tertiary activities, 0.9%.

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