Financial News: Mexico GDP Growth Slows As Estimated

Mexico GDP Growth Slows As Estimated

05/23/2024 - 10:30:00 (RTTNews)

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

Gross domestic product advanced an unadjusted 1.6 percent year-over-year in the March quarter, slower than the revised 2.3 percent growth in the December quarter. That was in line with the flash data published on April 30.

Regarding large economic activities, the tertiary sector expanded the most, by 2.1 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 0.9 percent from 3.1 percent. Meanwhile, the primary sector rebounded 0.6 percent after falling 4.6 percent in the final quarter of 2023.

On a seasonally adjusted basis, GDP advanced 0.3 percent in the first quarter, revised up slightly from 0.2 percent.

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