Mexico's economy grew 3.3% annually in the third quarter of 2023, maintaining dynamism amid high interest rates, slowing inflation, generation of formal employment and the investment that has arrived in the country as a result of nearshoring.

Check here: Monterrey is shown as the most dynamic market in terms of industrial investment

By economic activity, primary activities increased 5.3% annually, secondary activities increased 4.5% and tertiary activities 2.5% annually.

The timely data on the expansion of the Gross Domestic Product or GDP was slightly lower than the 3.5% annual rate expected by the market consensus, however, the economy achieved 10 consecutive quarters of annual growth.

In the quarterly evolution, the Timely Estimate showed that the third quarter of 2023 and with seasonally adjusted figures, the economy grew 0.9% in real terms between July and September compared to the immediately previous quarter.

Of interest: Mexicali accounts for 23% of Baja California's industrial demand during 2023

In the first nine months of 2023 and with seasonally adjusted series, the timely GDP increased to 3.5% at an annual rate.

Grupo Monex in its analysis note estimated that the upward revisions to the forecasts will continue beyond 2023, especially if the opportunities posed by nearshoring begin to materialize.

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Original note