Mexico continues with the recovery of the tourism sector, helping Mexico’s GDP to grow 1% in the second quarter

Mexico’s tourism sector continues to recover, although it has not yet managed to return to the numbers it had before the COVID-19 pandemic.

This Friday, the National Institute of Statistics and Geography (Inegi) released the indicators of tourism activity for the first quarter of the year where it reported that the Gross Domestic Product (GDP) of the sector increased 3.4%, while that of Tourism Consumption Interior stood at 4.2% in real terms compared to the previous quarter.

The Inegi detailed that in the January-March 2022 quarter, at an annual rate and with seasonally adjusted figures, the Quarterly Indicator of the Tourism Gross Domestic Product grew 22.1% and that of the Interior Tourism Consumption, 25.7 percent.

Within the report, the Institute detailed that the tourist Gross Domestic Product of services rose 3.5% and that of goods, 2.7%.

At an annual rate, the Quarterly Indicator of Tourism Gross Domestic Product (ITPIBT) increased 22.1% in the January-March 2022 quarter. By component, services increased 24.1% and goods 11.6%.

The Quarterly Indicator of Interior Tourism Consumption observed growth of 4.2% in the first three months of 2022 compared to the previous quarter.

By components, inbound tourism consumption, which is related to foreign visitors to the country, reported a quarterly increase of 7.3%, while domestic consumption increased 3.8%.

In its annual comparison and with seasonally adjusted data, the Quarterly Indicator of Domestic Tourism Consumption increased 25.7% during the January-March 2022 quarter. In its disaggregation, the receptive grew 121.2% and the internal 11.8%.

Despite these positive numbers, the tourism sector still remains 7.6% below the levels observed in the first quarter of 2020, prior to the health crisis.

Mexican economy grew 1% in the second quarter of 2022

This same Friday, the Inegi detailed that the Mexican economy showed a slight recovery by growing 1% in the second quarter of the year, according to the results of the Timely Estimate of the Quarterly Gross Domestic Product.

While they detailed that in the first half of 2022, the opportune GDP advanced 1.9% at an annual rate.

In the second quarter report, they stated that at a quarterly rate, the GDP of tertiary activities advanced 1% and that of secondary and primary activities grew 0.9% in the second quarter of 2022.

The data shows that after the 8.4% drop suffered by the Mexican economy during 2020 due to the Covid-19 pandemic, economic activity in the country shows signs of a slight recovery, since the results presented add up to three quarters of consecutive growth.

By activities, the increase registered from April to June of this year was 3.3% in the mining, manufacturing, construction, and electricity sectors, 1.4% in agriculture and livestock, and 1% in commerce and services.

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