MEXICO CITY (Reuters) – Mexico’s third-quarter economic activity data showed economic growth in line with its forecast of 2.4% annual growth in 2022, the country’s finance ministry said on Friday. rice field.

“Despite the difficult international environment, the Mexican economy continues to grow with a solid macroeconomic balance,” the ministry said in a statement.

The ministry said dynamic economic activity and a strong labor market had brought “positive results” to tax collection, putting it on track to meet year-end estimates.

It also said economic activity was driven by gross fixed investment, especially in domestic machinery and equipment and housing construction.

However, consumer prices continued to rise due to factors such as soaring raw material prices and drought and rainfall in various regions.

Mexico’s public debt had reached 46.5% of gross domestic product (GDP) by the end of the quarter and was “on a steady track towards the end of the (current) administration,” the ministry said.

According to the ministry, the refinancing strategy has allowed it to refinance a cumulative $78 billion, or 14% of Mexico’s total debt.

“Mexico’s public debt remained on a stable and sustainable path (by the end of the quarter) as a result of prudent fiscal policies and the implementation of various debt management operations,” the ministry said.

The ministry said the country’s fiscal deficit was 111.252 billion pesos ($5.62 billion) in September.

Mexico’s financial system also remains “well capitalized” and credit markets continue to show signs of recovery, the ministry said.

($1 = 19.8109 Mexican Pesos)

Reported by Kylie Madley. Edited by Anthony Esposito and David Gregorio

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