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Financial News: Mexico GDP Growth Revised Higher To 2.5%

Mexico GDP Growth Revised Higher To 2.5%

02/22/2024 - 07:53:00 (RTTNews)

(RTTNews) - The Mexican economy expanded slightly more than initially estimated in the fourth quarter, the latest data from the National Institute of Statistics and Geography, or INEGI, showed on Thursday.

Gross domestic product advanced an unadjusted 2.5 percent year-over-year in the December quarter, slower than the revised 3.5 percent growth in the September quarter. In the initial report, the rate of expansion was 2.4 percent.

Regarding large economic activities, the secondary sector expanded the most, by 2.8 percent annually in the fourth quarter, though slower than the 4.4 percent gain in the previous quarter.

The annual growth in the primary sector softened sharply to 0.3 percent from 5.6 percent. The tertiary activity also grew at a weaker pace of 2.4 percent versus 3.0 percent expansion in the third quarter.

On a seasonally adjusted basis, GDP advanced 0.1 percent in the fourth quarter, as estimated.

During the whole year 2023, overall GDP showed a growth of 3.2 percent compared with 2022.

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