Mexico's Economy Annually Expands 1.9% In Q1

Mexico's gross domestic product (GDP) increased 1.9% annually with seasonally adjusted series in real terms during the first quarter of this year, according to the country's statistics agency INEGI on Thursday.

The figure came higher than the market expectation of 1.6%, while the North American country's economy grew 2.4% in the fourth quarter of last year.

Mexico's economy expanded 3.2% in 2023.

While tertiary activities advanced 2.4% in the first quarter of 2024, secondary and primary activities increased 1.5% and 0.7%, respectively.

On a quarterly basis, the GDP increased 0.3% in real terms, compared to the previous quarter, also coming in slightly higher than the market estimate of a 0.2% gain.

Mexico's economy expanded just 0.1% in fourth quarter of 2023, compared to the previous three-month period.

While primary and tertiary activities rose 1.7% and 0.6% in the first quarter, secondary activities decreased 0.5%, compared to the previous quarter, according to INEGI. -