Mexican economy has its worst performance in more than 3 years

MEXICO - The National Institute of Statistics and Geography (Inegi) confirmed that in the second quarter of 2024 and with seasonally adjusted figures, Mexico's gross domestic product (GDP) increased by 0.2% in real terms, compared to the previous quarter.

In the first quarter the economy grew by 0.1% and in the last quarter of 2023 it contracted by 0.1%.

By component and with seasonally adjusted series, in the second quarter of 2024, the GDP of secondary activities (mining; construction; manufacturing; generation, distribution of water, light and gas) grew by 0.3% and that of tertiary activities (commerce and services) by 0.1%.

The GDP of primary activities (agriculture, fishing, livestock) decreased 0.2% with respect to the previous quarter.

At annual rate and with seasonally adjusted series, GDP increased by 1% in real terms, in the second quarter of 2024. This figure is slightly lower than Inegi's timely estimate last month of 1.1% and is the lowest annual growth since the first quarter of 2021.

The GDP of tertiary activities increased by 1.5% and that of secondary activities by 0.4%. The GDP of primary activities fell 2.5%.

In the first half of 2024, GDP rose by 1.4 % compared to the same period in 2023.