Financial News: Mexico GDP Growth Eases To 1.6%

Mexico GDP Growth Eases To 1.6%

04/30/2024 - 10:33:00 (RTTNews)

(RTTNews) - The Mexican economy expanded at a slower pace in the first quarter, preliminary data from the National Institute of Statistics and Geography, or INEGI, showed on Tuesday.

Gross domestic product advanced an unadjusted 1.6 percent year-over-year in the March quarter, slower than the 2.5 percent growth in the December quarter. The expected growth rate was 2.1 percent.

Regarding large economic activities, the tertiary sector expanded the most, by 2.2 percent annually in the March quarter, though slower than the 2.4 percent gain in the previous quarter.

The annual growth in the secondary sector softened sharply to 0.8 percent from 2.8 percent. Meanwhile, the primary sector grew at a faster pace of 0.6 percent versus 0.3 percent expansion in the fourth quarter.

On a seasonally adjusted basis, GDP advanced 0.2 percent in the first quarter, while economists had expected a flat change.

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