Inegi estimates that Mexico’s GDP grew 0.2% within the first quarter of 2024

MEXICO CITY.- This Tuesday, the primary well timed estimate launched by the Nationwide Institute of Statistic and Geography (Inegi) factors out that the gross home product (GDP) from Mexico grew 0.2% in it first quarter of 2024which represents a slowdown in comparison with final yr’s development charge.

The rise, above market expectations, occurred because of the quarterly advance in companies (0.7%), however was offset by the declines within the agricultural sector (-1.1%) and trade (-0.4%), detailed the Inegi. in its report, based mostly on seasonally adjusted figures, with out seasonal elements.

Mexico’s year-on-year GDP

Then once more, Mexican GDP elevated 1.6% year-on-year within the interval from January to March 2024, based on authentic figures from the autonomous institute.

This development was the results of annual will increase in tertiary (2.2%), secondary (0.8%), and first (0.6%) actions.

The quarterly enhance is the bottom for a begin of the yr since 2020, when the Covid-19 pandemic induced a contraction of -1.2% within the first quarter.

The Inegi recalled that this Tuesday’s knowledge on the primary quarter are a well timed estimateso the ultimate figures might be printed on Might 23.

The info of the Economic system of mexico is reported following the slowdown in the USA, vacation spot of greater than 80% of the Mexican exportssince final week it was reported that US GDP grew 1.6% within the first quarter, under the two.2% enhance that analysts anticipated.

Downward forecast for the Mexican financial system

Mexico’s GDP can be launched amid falls in its forecasts for 2024.

He world Financial institution lowered its development forecast for Mexico to 2.3% from 2.6% this month, whereas the Worldwide Financial Fund (IMF) decreased it to 2.4% from 2.7% beforehand.

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Nonetheless, the Secretariat of Finance and Public Credit score (SHCP) of Mexico formally estimated in March that GDP will rise between 2.5% and three.5% in 2024.

The Mexican financial system grew by 3.2% in 2023, pushed by all sectors following the annual development of three.9% in 2022 and the rise of 6.1% in 2021, based on up to date knowledge from Inegi.

Mexico was one of many Latin American international locations that took the longest to get well its GDP following the pandemic, which induced a historic contraction of 8.2% in 2020.

The president of Mexico, Andrés Manuel López Obradorpredicted final January that he would finish his six-year time period in October with a median development of 1.3% every year.

You may additionally have an interest: “Value of the greenback right now, Tuesday, April 30, 2024”

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2024-05-31 00:38:57

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