Mexico’s economy grew by about 3% in 2022, Finance Minister Rogelio Ramirez de la O said in a statement Tuesday, as Latin America’s second-largest economy tries to recover from a pandemic-induced decline.
According to the statement, economic activity recovered significantly last year, with tourism accounting for the largest share, followed by exports from the automotive sector and remittances from Mexican migrants living abroad.
The economy will continue to perform better than expected, with positive indicators in the labor market and easing inflation contributing to the growth outlook, the statement added.
The minister’s office also noted that Mexico benefits from “financial buffers” against potential shocks and that its external debt will remain at a sustainable level of below 50% of gross domestic product.
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