Productive investment continues with momentum; Inegi report

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Gross Fixed Investment, which is the expenditure made by public and private companies on equipment, machinery and construction, increased 0.5% in real terms, at a monthly rate in July 2023, reported the National Institute of Statistics and Geography (Inegi). .

By component, Expenses on construction grew 1.9% at a monthly rate and on machinery and equipment, of both national and imported origin, decreased 0.9% last July and with seasonally adjusted data.

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In our opinion, the sector continues to be driven by government spending on key works such as the Mayan Train and the Tehuantepec Isthmus Corridor, where we believe there are greater efforts to finish them before the end of the six-year term, as well as by the consolidation of greater demand through industrial spaces nearshoring”, commented Banorte analysts.

In its accumulated January to July 2023, productive investment reported an annual growth of 20.3 percent.

For its part, public investment reported an increase of 16.5 percent in the accumulated period from January to July; In construction the growth was 20.3 percent and in the purchase of machinery and equipment 0.7 percent.

Gabriela Siller, Director of Analysis at Banco Base, commented that considering the accumulated growth in the first seven months of the year, the expected growth for gross fixed investment remains at 18 percent. showing a clear acceleration as a consequence of public investment in priority government projects.

However, he warned that There are risks that could affect investment in Mexico, the main ones being: the possibility of trade sanctions imposed by the United States due to controversies within the T-MEC; uncertainty due to internal economic policies and public insecurity.


The Inegi also released the Monthly Indicator of Private Consumption, which maintained the same level as last month.

By components, The consumption of goods and services of national origin rose 0.3% and that of goods of imported origin fell 1.1 percent.

For Banorte Consumption must face greater inflationary pressures, with adverse weather conditions and increases in energy prices; high interest rates for a longer period of time, also impacting investment decisions and certain doubts about the dynamism of the global economy.

Despite these challenges, they are confident that Domestic demand will remain a relevant driver of activity not only for the remainder of the year but also in 2024.

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