According to a Reuters poll on Monday, Mexico’s economy continued to grow at a weak rate in the first quarter. This slow growth was primarily due to a drop in manufacturing and agriculture, which was only partially offset by growth in services. The poll, which surveyed 10 financial institutions, showed a median estimate that the gross domestic product (GDP) grew by 0.1% in the quarter, the same rate as in the previous quarter. This growth rate is the lowest since the third quarter of 2021, according to seasonally adjusted figures.
If this estimate is confirmed, it would mark the 10th consecutive quarter of growth for Latin America’s second-largest economy. On a yearly basis, the GDP is expected to have grown by 2.1%, which is below the 2.5% growth rate registered in the previous quarter. The growth data for the first quarter of 2024 will be published by Mexico’s statistics agency, INEGI, on Tuesday.
Overall, the poll suggests that Mexico’s economy is facing challenges in various sectors, with manufacturing and agriculture experiencing declines. However, the growth in services is helping to partially offset these losses. The slow growth rate seen in the first quarter highlights the need for continued monitoring and potential policy interventions to support economic development in Mexico.