A recent poll by Reuters showed that Mexico’s economy grew at a weak rate in the first quarter of 2024. This growth was primarily due to declines in manufacturing and agriculture, which were only partially offset by growth in services. The poll surveyed 10 financial institutions and revealed 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.
Despite this slow growth, if 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, this poll suggests that Mexico’s economy is facing challenges in various sectors, with manufacturing and agriculture experiencing declines. However, 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.
In conclusion, while Mexico’s economy continues to grow at a weak rate due to declines in manufacturing and agriculture sectors being partially offset by growth in services sector, there are concerns about potential policy interventions needed to support economic development fully.
