Mexico’s GDP increased 2.3% in 2017, says preliminary report

31 January, 2018

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Mexico’s Gross Domestic Product (GDP) increased 2.3% in 2017 compared to 2016, with seasonally adjusted figures, according to a preliminary estimate of the National Institute of Statistics and Geography (Inegi) published on Tuesday.

This growth would be the lowest rate of the last four years. In 2016 the increase was 2.7%, while in 2015 the economy grew 3.3%, and in 2014 it was 2.8%.

The GDP figure is in line with the latest forecast of the Ministry of Finance and Public Credit (SHCP), which estimated economic growth in a range of between 2 and 2.6%, and the Bank of Mexico (Banxico), which oscillated between 1.8 and 2.3%.

In the fourth quarter, the GDP had an increase of 1% compared to the previous quarter, according to seasonally adjusted figures.

The figure represents an improvement, after the fall that the economy had in the third quarter, of 0.3%.

In the analysis, the Inegi detailed that the primary activities, which are those dedicated to the agricultural sector, increased 3.1%, compared to the figure registered during the third quarter of 2017.

Meanwhile, secondary activities, which include mining, transmission and distribution of light, water and gas supplies, construction and manufacturing, grew barely 0.1%, and tertiary activities, which include commerce and services, increased 1.2%.

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