Fri, 03 Feb 2023

Mexico's economy still on growth track in 2022

02 Dec 2022, 12:30 GMT+10

MEXICO CITY, Dec. 1 (Xinhua) -- Mexico's economy will maintain a slight growth trend at the end of 2022, largely supported by the service sector, according to leading indicators from the Mexican Institute of Finance Executives (IMEF) released Thursday.

The IMEF manufacturing indicator rose 0.5 point in November from the previous month to 50.5 points, in line with global volatility, the agency said in a statement.

Meanwhile, the IMEF non-manufacturing indicator, referring mainly to the service sector, accelerated in November from 51.7 to 53.4 points, rising for the 10th straight month in the expansion zone, it said.

"The IMEF manufacturing and non-manufacturing indicators for the month of November registered an increase again, thus maintaining the trend of a slight expansion at the close of the year," it said.

However, the IMEF warned that global growth prospects continue to deteriorate, with manufacturing indicators in the United States and the Eurozone in contractionary territory.

The Mexican economy saw higher growth in the third quarter than in the previous period, with the construction and tourism sectors standing out.

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