Mexico's economy grew 3.1% in 2022

The Mexican economy grew 3.1% during 2022 , compared to 2021 despite the inflationary environment and even exceeded the expectations of various organizations and the Mexican central bank.

For 2022, the Organization for Economic Cooperation and Development (OECD) estimated growth of 2.5%, while the International Monetary Fund projected a rate of 2.1%. The Bank of Mexico was more optimistic by raising its estimate for the growth rate to 2.9% last December. 

According to information from the National Institute of Statistics and Geography (Inegi), secondary activities increased 3.3% at an annual rate, while tertiary and primary activities grew 2.8 and 2.7%, respectively.

The GDP amounted to 18,560,365 million pesos. Tertiary or service activities are the ones that presented the greatest contribution to GDP, followed by secondary and primary activities.

By sector, manufacturing industries drove the growth of secondary activity, with an annual rise of 5.2 percent. While in the tertiary activity it was cultural and sports leisure services, and other recreational services, which presented a higher annual growth, up to 50.8 percent.

The Mexican Institute for Competitiveness (Imco) reported that "Mexico closed 2022 with a better-than-expected growth rate, in a context of strong inflationary pressures and geopolitical instability."

Thus, the levels of economic resilience and competitiveness that the country reaches in the coming years will depend to a large extent on the degree to which investment in other key activities for the national economy is fostered and promoted, in addition to those linked to the external sector, noticed.