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Mexico’s GDP to grow 1.1 percent yr/yr in 2nd quarter
(MENAFN) According to data released on Tuesday by Mexico's statistics agency INEGI, the country's gross domestic product (GDP) is projected to show a 1.1 percent increase on an annual basis with seasonally adjusted figures in real terms for the second quarter of 2024. This estimate reflects a modest growth rate for the Mexican Economy as it continues to recover and expand. In comparison to the previous quarter, the GDP is expected to rise by 0.2 percent in real terms, indicating a slight but positive momentum in economic activity.
The growth within different sectors shows varied performances. Both secondary and tertiary activities are projected to see an increase of 0.3 percent each on a quarterly basis during the second quarter. This suggests steady expansion in industrial and service sectors. However, primary activities, which include agriculture and natural resource extraction, are expected to experience a decline of 1.7 percent compared to the previous quarter. This reduction in primary sector output contrasts with the growth seen in other sectors.
For the first half of 2024, INEGI reported that Mexico's GDP increased by 1.5 percent compared to the same period in the previous year. This year-to-date growth highlights a gradual improvement in economic conditions over the first six months, building on the performance of the previous year. Despite the challenges faced, the economy has shown resilience and continued growth.
Looking back at recent economic performance, Mexico's economy grew by 2.4 percent in the fourth quarter of 2023. For the entire year of 2023, the economy expanded by 3.2 percent. These figures reflect a relatively strong performance in the past year, with consistent growth contributing to the overall economic expansion. The current projections for 2024 indicate a continuation of this growth trend, albeit at a slower pace.
The growth within different sectors shows varied performances. Both secondary and tertiary activities are projected to see an increase of 0.3 percent each on a quarterly basis during the second quarter. This suggests steady expansion in industrial and service sectors. However, primary activities, which include agriculture and natural resource extraction, are expected to experience a decline of 1.7 percent compared to the previous quarter. This reduction in primary sector output contrasts with the growth seen in other sectors.
For the first half of 2024, INEGI reported that Mexico's GDP increased by 1.5 percent compared to the same period in the previous year. This year-to-date growth highlights a gradual improvement in economic conditions over the first six months, building on the performance of the previous year. Despite the challenges faced, the economy has shown resilience and continued growth.
Looking back at recent economic performance, Mexico's economy grew by 2.4 percent in the fourth quarter of 2023. For the entire year of 2023, the economy expanded by 3.2 percent. These figures reflect a relatively strong performance in the past year, with consistent growth contributing to the overall economic expansion. The current projections for 2024 indicate a continuation of this growth trend, albeit at a slower pace.
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