Banxico declares that the economy has expanded during the third quarter of 2022

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The Bank of Mexico (Banxico) determined this Friday, December 16th, that the economy during the third quarter of 2022 expanded throughout the territory although it slowed down in specific areas.

“It is estimated that during 3Q-2022 economic activity will have continued to expand in all regions, although it will present a slowdown in the north, the central north, and the south,” the central bank said in a report.

Banxico published the “Report on the regional economies July-September 2022”, in which it detailed that “for the period 3Q-2022, it is estimated that the northern and central regions have continued to expand, while the south would have registered a slight rebound, after the fall of the previous period. For its part, it is anticipated that the north center has contracted, thus interrupting its positive trajectory”.

In sectors, the autonomous body pointed out that in this period it is estimated that mining activity in the north-central, central and southern regions has shown a drop, while it is anticipated that the north has exhibited a slight expansion.

On the other hand, construction spending expanded in the center, while it contracted in the rest of the regions. Within the regions, a heterogeneous behavior was observed between the private and public components.

Regarding commercial activity, the report shows that it weakened in all regions, and more markedly in the south. However, in each of them, commercial activity continued to be above the levels observed before the start of the health emergency.

Finally, tourist activity continued to grow in all regions, “with the exception of the north in the case of occupied rooms. The central region continued to show a greater lag in its recovery compared to the other regions.” 

Source: El Financiero

Mexico Daily Post