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Mexican economy fell 0.5% in November 2022

Level of public spending will stagnate in 2023

After stalling, the economic activity in Mexico reported a drop last November, according to data from the National Institute of Statistics and Geography (Inegi).

In the penultimate month of 2022, the Global Indicator of Economic Activity (IGAE), which monitors the economy monthly, reported a monthly contraction of 0.5%, with seasonally adjusted figures.

The data is higher than the previous estimates of the Inegi. According to Timely Indicator of Economic Activity (IOAE), a contraction of 0.1% per month was expected.

Thus, economic activity would confirm a slowdown towards the final stretch of last year.

The President’s Government Andres Manuel Lopez Obrador has a One-off growth projection of 2.4%with a range between 1.9 and 2.9% by 2022.

By economic activities, a contraction was observed in secondary activities, where those related to services are concentrated.

The information from the Inegi showed that said tertiary sector —one of the most affected— contracted 0.9% in a monthly comparison.

In the case of secondary activities, also known as the industrial sector, no variation was reported with respect to October. The primary sector, that is, activities related to agriculture, fishing, hunting and the like, was the only sector that showed growth.

In November, this sector presented a monthly growth of 5.3 percent.

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