Mexico’s economy grew 1.1% in 1st quarter, 3.8% year on year

Associated Press

MEXICO CITY (AP) — Mexico’s economy grew by 1.1% in the first quarter of 2023, bringing growth to an annualized rate of 3.8% compared to the same period of 2022. Mexico’s National Statistics Institute said the growth was spurred by expansion in industry and services, which offset a 3.2% drop in agriculture and mining. It marked the sixth consecutive quarter of growth since the coronavirus pandemic, during which Mexico suffered a sever drop in output. Mexico’s economy has recovered from the pandemic, but the effects of high domestic interest rates and stubborn inflation have acted as a drag on growth.