Mexico's economy grows 3 pct in 2022, says preliminary report

MEXICO CITY, Jan. 31 (Xinhua) -- The Mexican economy expanded by 3 percent in 2022, thanks to its three major productive sectors, the National Institute of Statistics and Geography said in a preliminary report Tuesday.

The figure represented a deceleration compared to the 4.7 percent growth in 2021.

By sector, industrial activity grew by 3.2 percent in 2022, followed by 3 percent in the agricultural sector, and 2.7 percent in the service sector which has the highest GDP contribution, according to the statistics agency.

In a separate report, Alfredo Coutino, head of Latin America economic research at Moody's Analytics, said Mexico continued to benefit from exports to the U.S. market, as well as income from tourism and remittances, which reached an all-time high last year.

However, the outlook for 2023 faces significant issues such as an economic slowdown in the United States, which is expected to reduce demand for Mexican exports, he added.

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