Mexico City, Feb 1 (IANS): The Mexican economy expanded by 3 per cent in 2022, thanks to its three major productive sectors, the National Institute of Statistics and Geography said in a preliminary report.

The figure represented a deceleration compared to the 4.7 per cent growth in 2021, Xinhua news agency quoted the report as saying.

By sector, industrial activity grew by 3.2 per cent in 2022, followed by 3 per cent in the agricultural sector, and 2.7 per cent in the service sector which has the highest GDP contribution, according to the statistics agency.

In a separate report, Alfredo Coutino, head of Latin America economic research at Moody's Analytics, said Mexico continued to benefit from exports to the US market, as well as income from tourism and remittances, which reached an all-time high last year.

However, the outlook for 2023 faces significant issues such as an economic slowdown in the US, which is expected to reduce demand for Mexican exports, he added.