The Mexican gross fixed investment grew 6.2% year-on-year last October driven by the rise in the machinery and equipment industryinformed this Tuesday the National Institute of Statistics and Geography (Inegi).
Based on original figures, the Inegi indicated that this result was obtained in the tenth month of 2022 due to the interannual increase of 14.1% in the machinery expense Y teamoffset by the 0.4% drop in construction.
Thus, in the first 10 months of last year, gross fixed investment grew by 5.5% year-on-year due to the rise in the machinery Y team (12.2%) and the building (0.3%).
Likewise, according to seasonally adjusted data, gross fixed investment increased by 1.4% last October compared to the previous month, given the monthly increases of 2% in the buildingand 0.8% in machinery Y team.
The figures are a reflection of the economic behavior of Mexicowhich grew 0.9% quarterly and 4.3% year-on-year in the third quarter of 2022, with which it accumulates an annual increase of 2.9% in what was reported for last year.
Mexican gross fixed investment grew 10% year-on-year in 2021 driven by the economic recovery after passing the worst stage of the coronavirus pandemic.
While it fell 18.2% annually in 2020 dragged down by the covid-19 crisis, which adds up to nearly 330,000 deaths in Mexico, the fifth highest number in the world.
In 2019, this investment contracted 4.9%, while it grew 0.6% in 2018 and decreased 1.5% in 2017.
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 grew 4.8% in 2021 after contracting 8.2% in 2020, its worst collapse since the Great Depression of 1932. For 2022, the Government of Mexico estimates growth of gross domestic product (GDP) close to 4%.
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