Mexico’s economy grew by a margin of 0.1% from July through September, marking the Latin American nation’s fourth consecutive quarter of positive economic growth. This growth beat analysts’ estimates of 0.7% growth while also exceeding the 0.9% rise achieved during the second financial quarter.
According to a preliminary estimate released by the national statistics agency on Monday, the nation’s rising economic growth can be mainly attributed to economic activity in the primary sector.
Currently the second largest economy in Latin America, the Mexican economy achieved annual growth of approximately 4.2% upon comparing this third quarter’s results to those realized a year earlier. This growth exceeded analysts’ forecasts of a 2.8% year-on-year growth.
The finance ministry of Mexico announced on Friday that the aforementioned quarterly results indicate that the country may achieve 2.4% economic growth for 2022, in line with economists’ forecasts.
Following a mission to Mexico, the International Monetary Fund announced that although Mexico has the fiscal and monetary policy required to navigate the ongoing global economic turmoil, the country’s economic growth is still expected to slow in the coming months.