LatinNews Daily - 31 January 2023

In brief: Mexico claims better than expected growth

* Mexico’s finance ministry has released a new report claiming that the country’s economy performed better than expected in 2022, with accumulated growth of 2.9% up to November 2022, supported “by the strong development of the labour market, consumption and private investment”. According to the same report, 2022 closed with 2.8% unemployment, which it said was lowest unemployment rate of the last 17 years. It said 2.4m jobs were created in 2022, most of them in the formal sector. Deputy finance minister Gabriel Yorio, has been cited by the local media as saying that the government expected GDP growth of 2.9%-3% in 2022, up from the 1.6%-1.8% projection of various analysts midway through last year. In its latest World Economic Outlook (WEO) released yesterday, the International Monetary Fund (IMF) estimated that Mexico’s GDP grew by 3.1% in 2022, down from 4.7% in 2021. In the same report, the IMF revised up its growth forecast for Mexico for 2023 by 0.5 percentage points up from its October 2022 report, to 1.7%. It cited “unexpected domestic demand resilience [and] higher-than-expected growth in major trading partner economies”.

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