The Financial Services and Insurance Gross Value Added (GVA) in Mexico stood at 56.59 billion USD in 2023, reflecting a gradual recovery and upward trend. Although the sector experienced a setback in 2015 and 2020, the year-on-year variations highlight significant growth in recent years, particularly in 2022 and 2023 with increases of 7.78% and 6.24% respectively. The Compound Annual Growth Rate (CAGR) over the last five years stands at 2.67%, indicating steady progress. Forecasts suggest continued growth, with a predicted 5-year CAGR of 2.7% and a cumulative growth of 14.26% by 2028.
Future trends to watch for:
- Continued digitization of financial services and insurance products
- Increased focus on financial inclusion initiatives
- Growth in InsurTech and FinTech sectors
- Potential regulatory changes impacting the industry
Latest reports
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UK Fintech Market Report- Q4 2024
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Brazil Fintech Market Report- Q4 2024
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