Mexican economy grew by 1% in the third quarter of 2023

MEXICO - During the third quarter of 2023, Mexico's GDP registered an expansion of 1.1% compared to the previous quarter, according to figures revised by the National Institute of Statistics and Geography (Inegi).

The performance of the Mexican economy was driven by advances in the three major groups of productive activity.

Primary activities -which include agriculture, livestock, hunting, fishing and forestry- registered a quarterly growth of 2.6%, the best performance of the three sectors.

Secondary activities - mining, construction, manufacturing and other transformation industries - recorded an economic expansion of 1.3 percent.

Tertiary activities - commerce and services - grew by 0.9% during this period. The performance of this sector is fundamental to the national economy because it contributes close to 60% of total GDP.

Although the quarterly advance was modest, the Mexican economy recorded better results compared to the previous year. The national GDP grew by 3.3% compared to the third quarter of 2022.

International organizations and financial institutions estimate that Mexico will close 2023 with economic growth between 3% and 3.5%. Expectations have improved in the second half of the year in line with the positive performance of economic activity in the country.