According to a recent Reuters poll, Mexico’s economy is experiencing weak growth in the first quarter of 2024. This is mainly due to decreases in manufacturing and agriculture, although this was partially offset by growth in the services sector. The median estimate from 10 financial institutions is that the gross domestic product (GDP) grew by 0.1% in the quarter. While this rate is the same as the previous quarter, it marks the lowest rate since the third quarter of 2021, according to seasonally adjusted figures.
If confirmed, this will mark the 10th consecutive quarter of economic growth for Latin America’s second-largest economy. At an annual rate, GDP is expected to have grown by 2.1%, below the 2.5% growth registered in the previous quarter. Mexico’s statistics agency, INEGI, is set to publish GDP growth data for the first quarter of 2024 on Tuesday.
Overall, Mexico’s economy has shown sluggish growth despite facing challenges such as declines in manufacturing and agriculture. However, it has managed to maintain a streak of growth albeit at a slower pace than in previous quarters.
