Gross fixed investment grew 6.6% year-on-year in November

Mexican gross fixed investment grew by 6.6% year-on-year last November, driven in particular by the machinery and equipment sector, the National Institute of Statistics and Geography (Inegi) reported on Tuesday.

Based on original figures, the Inegi indicated that this result was obtained in the eleventh month of 2022 due to annual advances of 1.7% in construction and 12.6% in machinery and equipment.

Thus, in the first 11 months of last year, gross fixed investment grew by 5.6% year-on-year due to the rise in machinery and equipment (12.3%) and construction (0.4%).

On the other hand, according to seasonally adjusted data, gross fixed investment showed no change (0%) last November compared to the previous month.

This was a combination of the 1.4% monthly rise in construction, and the 1% contraction in machinery and equipment.

The figures are a reflection of the economic behavior of Mexico, which grew by 3% in 2022 driven by all sectors, as revealed by the timely estimate of the Inegi last week.

Mexican gross fixed investment grew 10% year-on-year in 2021 driven by the economic recovery after passing the worst stage of the coronavirus pandemic.

While it fell 18.2% annually in 2020 dragged down by the Covid-19 crisis, which adds up to nearly 330,000 deaths in Mexico, the fifth highest number in the world.

In 2019, this investment contracted 4.9%, while it grew 0.6% in 2018.

The gross fixed investment allows to know the behavior of the investment in the short term, according to the Inegi.

It is made up of goods used in the production process for more than one year and which are subject to property rights.

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The Mexican economy has recovered its pre-pandemic level after growth in 2022 and 4.8% in 2021 after contracting 8.2% in 2020, its worst collapse since the great depression of 1932.

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