Mexican economy grew around 3% last year, fueled by tourism

MEXICO CITY (Reuters) - Mexico's economy expanded by about 3% in 2022, Finance Minister Rogelio Ramirez de la O said in a statement on Tuesday, as Latin America's No. 2 economy sought to recover lost ground from a pandemic-led slowdown.

Economic activity rebounded significantly last year, according to the statement, as tourism accounted for more activity, followed by automotive sector exports and then remittances from Mexican migrants living abroad.

The economy will continue to perform better than expected, as positive indicators in the labor market as well as slowing inflation contribute to growth prospects, the statement added.

The minister's office also noted that Mexico benefits from "financial cushions" against possible shocks, and that its external debt will remain at sustainable levels of below 50% of gross domestic product.

(Reporting by Valentine Hilaire and Adriana Barrera; Editing by David Alire Garcia)