Mexico’s economy continues to expand
Mexico’s economy continues to expand after achieving the eighth consecutive quarter of Gross Domestic Product (GDP) growth.
The last time the economy showed expansion for more than eight consecutive quarters was from 2013 to 2015.
During that period, the GDP recorded nine consecutive quarters of growth. The Gross Domestic Product (GDP), the current indicator that Mexico’s economy is still expanding, has shown signs of growth.
Between July and August, it reported its eighth consecutive quarter of growth, demonstrating the resilience of the Mexican economy.
This information was released by the National Institute of Statistics and Geography (Inegi).
The preliminary estimate of the GDP revealed that between July and September, Mexico’s economy is still expanding with a quarterly growth rate of 0.9%.
The last time the economy showed expansion for more than eight consecutive quarters was from 2013 to 2015 when it recorded nine quarters of growth.
On an annual basis, the Mexican economy grew by 3.3%, while the year-to-date expansion rate for January to September is 3.5%.
Mexico’s economy continues to expand
Contrary to several forecasts, the Mexican economy has surprised with its strength, primarily driven by the domestic market, approaching the government’s projection of 3.0% for the year-end.
In fact, in recent days, Gabriel Yorio, Undersecretary of Finance and Public Credit (SHCP), stated that with the latest data reported, the Mexican GDP could expand by 3.5% by the end of 2023.
“The figures suggest that we could achieve annual growth of 3.5%, a figure that is not only encouraging but surpasses analysts’ projections,” emphasized the Undersecretary of Finance during his appearance in the Senate to discuss the Federal Revenue Law (LIF) for 2024.
By economic sector, compared to the second quarter of the year, the primary sector, dedicated to agriculture, hunting, livestock, fishing, and similar activities, showed the highest expansion, with a rate of 3.2%.
Meanwhile, secondary activities expanded by 1.4% quarterly, while the services sector showed a growth of 0.6%.
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