Mexico's gross domestic product sees annual increase of 1.5 percent in Q3
Date
10/31/2024 8:01:15 AM
(MENAFN) Mexico's gross domestic product (GDP) experienced a year-on-year increase of 1.5 percent in the third quarter of this year, as reported by the national statistics agency, INEGI, on Wednesday. This growth rate exceeded market expectations, which had predicted a 1.2 percent increase, and follows an annual growth rate of 2.1 percent recorded in the second quarter. Overall, Mexico's Economy expanded by 3.2 percent in 2023, highlighting its resilience despite global economic challenges.
The breakdown of the GDP growth reveals that primary activities, which include agriculture and fishing, rose by 3.8 percent in the third quarter of 2024. In contrast, secondary activities, such as manufacturing, and tertiary activities, encompassing services, grew by 0.5 percent and 1.9 percent, respectively. These figures indicate a varied performance across different sectors of the economy, with primary activities showing the strongest growth during this period.
Looking at the first nine months of 2024, the GDP increased by 1.4 percent compared to the same timeframe in 2023. On a quarterly basis, the GDP saw a real-term increase of 1 percent compared to the previous quarter, also surpassing market estimates, which had forecasted a more modest 0.8 percent growth. This upward trend signals a rebound from the relatively stagnant growth of just 0.2 percent observed in the April-June period of 2024.
In terms of sector-specific performance compared to the previous quarter, primary activities experienced a significant jump of 4.6 percent in the third quarter, while both secondary and tertiary activities recorded more modest gains of 0.9 percent each. This mixed performance across sectors reflects the complexities of Mexico's economic landscape as it navigates post-pandemic recovery and ongoing global economic shifts.
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