Mexican gross fixed investment grew 12.7% year-on-year last February, driven in particular by the machinery sectorreported this Thursday the National Institute of Statistics and Geography (Inegi).
This result for the second month of 2023 was due to annual advances of 8.9% in construction and 17.5% in machinery and equipment, detailed the autonomous institute based on original figures.
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Thus, in the first two months of the year, gross fixed investment grew by 10.2% year-on-year due to the rise in machinery and equipment (18.8%) and construction (4.1%).
On the other hand, according to seasonally adjusted data, gross fixed investment rose 1.9% last February compared to the previous month.
This was a combination of monthly increases of 0.6% in construction and 2.9% in machinery and equipment.
The figures are a reflection of the behavior of the Mexican economy, which grew 3.9% year-on-year and 1.1% quarterly in the first quarter of 2023, according to the timely estimate that Inegi released last week.
Mexican gross fixed investment grew by 6% annually in 2022 due to the boost of machinery and equipment.
While in 2021 it had a 10% year-on-year rebound after passing the worst stage of the coronavirus pandemic, which caused an 18.2% contraction in investment in 2020.
The gross fixed investment allows to know the behavior of the investment in the short term, according to the Inegi.
It is made up of goods used in the production process for more than one year and which are subject to property rights.
The Mexican economy has recovered its pre-pandemic level after growing 3.1% in 2022 and 4.8% in 2021 after contracting 8.2% in 2020, its worst collapse since the Great Depression of 1932.
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