(MENAFN) According to the latest report from Mexico's statistics agency, INEGI, released on Tuesday, the country's economy demonstrated a modest expansion of 0.2 percent in the first quarter when compared to the previous quarter. This follows a similarly tepid growth of 0.1 percent in the fourth quarter of the preceding year. The marginal uptick suggests a cautious pace of economic activity in Mexico, with factors such as global economic conditions and domestic policy measures likely influencing the trajectory.
Zooming out to assess the broader picture, Mexico's economy recorded a 1.6 percent expansion in the January-March period compared to the same period in the previous year. This annual growth figure provides a more comprehensive understanding of the economy's performance over time, offering insights into underlying trends and potential areas of strength or weakness.
Breaking down the annual growth by sector, tertiary activities, which encompass services, experienced the most substantial expansion, increasing by 2.5 percent. This sector's robust performance likely reflects the resilience of Mexico's services industry, which encompasses a wide range of sectors including finance, retail, and hospitality. Secondary activities, which include manufacturing and construction, expanded by 1.5 percent, indicating moderate growth in industrial production. Meanwhile, primary activities, which involve agriculture, forestry, and fishing, saw a more modest expansion of 1.3 percent, highlighting the diverse composition of Mexico's economy and the varying growth trajectories across different sectors.
Overall, while the first quarter's economic expansion in Mexico remains modest, the annual growth figures underscore a degree of resilience and stability within the economy, with certain sectors exhibiting notable strength. As policymakers and analysts continue to monitor economic indicators, attention will likely focus on factors influencing future growth prospects, including trade dynamics, domestic consumption patterns, and the effectiveness of policy measures aimed at stimulating economic activity.
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