Thursday, March 30, 2023

Consumption in Mexico increases by 6.5% in 2022

The consumption of goods and services by Mexicans increased by 6.5% annually in 2022, driven in particular by imports, the National Institute of Statistics and Geography (Inegi) revealed on Monday.

The advance was the result of annual growth of 5.6% in national consumption, as well as 13.5% in imported goods, the autonomous institute detailed in its report based on original figures.

Within the national category, the consumption of goods increased by 2.4% while that of services rose by 8.8%.

Only in December, the monthly indicator of private consumption in the internal market (IMCPI) rose 3.3% year-on-year, with increases of 3.5% in national goods and services, and 1.6% in imported products.

Based on seasonally adjusted figures, without seasonal factors, the IMCPI increased 1% in December compared to the previous month.

This was due to the combination of the monthly advances of 1.2% in the consumption of national goods and services, and 0.6% for imports.

The figures are a reflection of the behavior of the Mexican economy, which grew by 3.1% in 2022 driven by all sectors, as revealed by Inegi last month.

The rebound in consumption occurred despite inflation of 7.82% last December, when it had its highest annual closing in 22 years and so far this century.

The IMCPMI measures the behavior of household spending on consumer goods and services, both national and imported, which allows monthly monitoring of the most significant component of the gross domestic product (GDP) on the demand side, according to the Inegi.

Private consumption in Mexico grew 8.2% in 2021 after the 11% collapse in 2020, caused by the covid-19 pandemic.


Please enter your comment!
Please enter your name here

Latest article