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Mexico GDP Q1 2023

Mexico: GDP growth records fastest expansion since Q2 2022 in Q1

GDP growth gathered pace to 1.0% on a seasonally adjusted quarter-on-quarter basis in the first quarter, from 0.6% in the fourth quarter of last year, according to a third data release. Q1’s reading marked the fastest increase since Q2 2022.

Private consumption growth accelerated to 2.2% seasonally-adjusted quarter-on-quarter in Q1 compared to a 0.7% expansion in Q4. Public spending fell at a slower rate of 0.4% in Q1 (Q4 2022: -0.5% s.a. qoq). Meanwhile, fixed investment growth waned to 3.0% in Q1, from 3.2% logged in the previous quarter.

Exports of goods and services rebounded, growing 0.6% in Q1 (Q4 2022: -4.7% s.a. qoq). In addition, imports of goods and services rebounded, growing 4.5% in Q1 (Q4 2022: -2.3% s.a. qoq), marking the best reading since Q2 2022.

On an annual basis, economic growth was stable at 3.7% in Q1, from the previous period’s 3.7% increase.

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