Mexico’s growth slows to 0.4% in 4Q, 3.6% in 2022

MEXICO CITY (AP) — Mexico’s economy slowed in the last quarter of 2022 but still managed to advance by 0.4%, bringing economic expansion for the full year to 3.6%. The country’s gross domestic product had expanded by 0.9% in the third quarter, but the effects of high domestic interest rates and inflation slowed growth in the fourth quarter. The National Statistics Institute announced the figures Tuesday. Mexico’s central bank raised interest rates to 10.50% in December. Moody’s Analytics Director Alfredo Coutiño said in a report that the economy is “en route to a soft landing in 2023,” with predictions of 0.5% to 1% growth.