Mexico’s GDP Grows 1.6% in Q3 2024, Beating Initial Estimates

Mexico’s economy showed remarkable strength in the third quarter of 2024. The National Institute of Statistics and Geography (INEGI) released revised figures on Friday. These numbers reveal a 1.6% year-on-year growth in Gross Domestic Product (GDP).

This growth rate exceeded the initial estimate of 1.5% reported by INEGI on October 30. The revised data paints a picture of steady economic expansion. It brings the total growth for the first nine months of 2024 to 1.8%.

The service sector, Mexico’s largest economic contributor, grew by 2.2% between July and September. Agriculture saw an impressive 4.1% increase during the same period. These sectors drove the overall economic growth.

Mexico’s GDP Grows 1.6% in Q3 2024, Beating Initial Estimates. (Photo Internet reproduction)

Industrial activity, the third major component of GDP, also showed positive movement. It increased by 0.5% compared to the same quarter last year. This growth, while modest, adds to the overall economic stability.

Seasonally adjusted figures provide additional insight into Mexico’s economic performance. They show a 1.1% growth in the third quarter compared to the previous one. Year-on-year, the seasonally adjusted growth stands at 1.6%.

Mexico’s GDP Grows 1.6% in Q3 2024, Beating Initial Estimates

Mexico’s economy, second only to Brazil in Latin America, grew by 3.3% in 2023. This growth set a strong foundation for the current year’s performance. The government remains optimistic about future prospects.

Looking ahead, the Mexican government projects economic growth between 2.0% and 3.0% for 2025. This forecast was part of the Economic Package submitted to Congress on November 15. It reflects confidence in the country’s economic trajectory.

These figures demonstrate Mexico’s economic resilience in the face of global challenges. The balanced growth across sectors suggests a robust and diversified economy. As Mexico continues to navigate economic uncertainties, these results provide a solid foundation for future growth.