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Mexico’s economic system grew 1.1% in 1st quarter, 3.8% 12 months on 12 months

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Mexico’s economic system grew by 1.1% within the first quarter of 2023, bringing development to an annualized fee of three.8% in comparison with the identical interval of 2022

MEXICO CITY — Mexico’s economic system grew by 1.1% within the first quarter of 2023, bringing development to an annualized fee of three.8% in comparison with the identical interval of 2022, Mexico’s Nationwide Statistics Institute stated Friday.

The institute stated development was spurred by an growth in business and companies, which offset a 3.2% drop in agriculture and mining.

It marked the sixth consecutive quarter of development for the reason that coronavirus pandemic, throughout which Mexico suffered a extreme drop in output.

Mexico’s economic system has recovered from the pandemic, however the results of excessive home rates of interest and cussed inflation have acted as a drag on development. Mexico’s central financial institution has raised rates of interest to 11.25% and inflation stays excessive, at 6.85%.

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