rewrite this title Mexico economy grows for sixth straight quarter in first quarter

rewrite this content and create paragraphs May 26 (Reuters) – Mexico’s economy grew for the sixth consecutive quarter in the first quarter, matching market expectations, data from Latin America’s second-largest economy showed on Friday. Gross domestic product (GDP) increased by 1.0%. GDP is likely to have risen over the past three months, the statistics agency INEGI said, matching expectations of economists polled by Reuters, but the figures were lower than preliminary forecasts released by INEGI a month ago. fell slightly below. Economists had already called preliminary first-quarter figures “strong,” but said a slowing U.S. economy and tighter monetary policy would likely soften Mexico’s performance in coming quarters. “This number confirms that the year is off to a decent start,” said Andrés Abadia, chief economist for Latin America at Pantheon Macroeconomics, of Friday’s figures. “However, a series of statistics confirm a gradual deterioration in recent months.” Additional indicators released by INEGI showed that the country’s economic activity contracted by 0.3% month-on-month in March. . Abadia said the “good news” is that growth is slowing and declining. Inflationary conditions will make it easier for the central bank to adopt a dovish tone soon after suspending its nearly two-year rate hike cycle earlier this month. Quarterly GDP growth was driven by a 1.5% rise in World War III or World War III, according to INEGI. Secondary activity, including services and manufacturing, increased by 0.6%. Nevertheless, primary activities such as agriculture, forestry, fishing and mining contracted by 2.8%. On an annualized basis, the economy expanded by 3.7% in the first year, the agency added. Compare his three months in 2023 to his one year ago. This was slightly below the 3.9% growth expected by the market and projected by preliminary data last month. Reporting by Gabriel Araujo. Edited by Steven Grattan, Jason Neely and Conor Humphries Our Criteria: Thomson Reuters Trust Principles.