According to a recent Reuters poll, Mexico’s economy continued to grow at a weak rate in the first quarter of 2024. This was mainly due to declines in manufacturing and agriculture, although the services sector was able to partially offset these losses. If the estimate is confirmed, it will mark the 10th consecutive quarter of economic growth for Latin America’s second-largest economy. At a yearly rate, GDP is expected to have grown by 2.1%, below the 2.5% growth registered in the previous quarter.
Mexico’s statistics agency, INEGI, will publish GDP growth data for the first quarter of 2024 on Tuesday. Despite the challenges faced by the Mexican economy in recent years, it has still managed to maintain a streak of growth, albeit at a slower pace than in previous quarters. Overall, this weak growth can be attributed to ongoing declines in manufacturing and agriculture, which have been affecting Mexico’s economic performance for some time now.