Mexican gross fixed investment grew 9.5% year-on-year in the first quarter of 2023, driven in particular by the machinery sectorthe National Institute of Statistics and Geography (Inegi) reported on Monday.
This result from January to March was due to the annual advances of 3.2% in construction and 17.7% in machinery and equipmentdetailed the autonomous institute based on original figures.
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When contemplating only March, gross fixed investment grew 9.1% year-on-year due to the rise in machinery and equipment (15.8%) and construction (3.2%).
On the other hand, according to seasonally adjusted data, gross fixed investment rose 0.5% compared to the previous month.
This was a combination of monthly increases of 0.5% in construction and 0.3% in machinery and equipment.
The figures are a reflection of the behavior of the Mexican economy, which grew 3.7% year-on-year and 1% in the first quarter of 2023according to the final figures that the Inegi released last May.
Mexican gross fixed investment grew by 6% annually in 2022 due to the boost of machinery and equipment.
While in 2021 it had a rise of 10% year-on-year after passing the worst stage of the coronavirus pandemicwhich caused a contraction of 18.2% 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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