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Mexico's industrial activity grows by 3.5 pct in 2023

10 Feb 2024

MEXICO CITY, Feb. 9 (Xinhua) -- Mexico's industrial activity grew by 3.5 percent in 2023 compared to the previous year, supported mainly by the construction sector, the National Institute of Statistics and Geography (INEGI) reported on Friday.

Construction activity grew by 15.6 percent, while the generation, transmission, distribution and commercialization of electricity, water supply and natural gas through pipelines to the final consumer increased by 3.7 percent, according to INEGI.

The manufacturing industry, which relies heavily on U.S. demand, grew by 0.9 percent, it said.

Mexico's economy, the second-largest in Latin America after Brazil, grew by 3.1 percent in 2023. The Mexican government forecasts economic growth for the country between 2.5 and 3.5 percent in 2024.

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