(Adds context and analyst comments)
Feb 24 (Reuters) - Mexico's economy grew by 0.5%
quarter-on-quarter during the final three months of 2022,
powered by robust activity in the farm sector and slightly
faster than initially estimated, data from national statistics
agency INEGI showed on Friday.
The seasonally-adjusted figure underlined that the pace of
growth had slowed from the previous quarter, but it was one
tenth of a percentage point higher than a preliminary estimate
published by INEGI on Jan. 31. A breakdown of the data showed primary activities such
as farming, forestry, fishing and mining grew by 2.0% compared
to the third quarter. Secondary activities, which comprise
manufacturing, expanded by 0.5%, the figures show.
Meanwhile, the tertiary or service sector, inched forward by
just 0.1% during the fourth quarter, INEGI said.
Compared to the same quarter a year earlier, Latin America's
no. 2 economy grew by 3.6% in unadjusted terms, also one tenth
of a point higher than originally estimated.
"The expansion of activity during 4Q22 was broad-based but
the labor-intensive tertiary sector lost momentum. The economy
expanded 3.1% in 2022, led by secondary sector activity,"
Goldman Sachs economist Alberto Ramos said in a client note.
(Reporting by Natalia Siniawski, Editing by Raissa Kasolowsky
and Alistair Bell)
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