Mexico’s economy showed weak growth in the first quarter, according to a Reuters poll on Monday. The median estimate from 10 financial institutions was that the gross domestic product (GDP) grew by just 0.1% in the quarter. This was the same rate as the previous quarter and the lowest since the third quarter of 2021, based on seasonally adjusted figures.
The slow growth can be attributed to declines in manufacturing and agriculture, although these losses were partially offset by growth in the services sector. Despite these challenges, Mexico’s economy has still managed to maintain a streak of growth, albeit at a slower pace than in previous quarters. If confirmed, this 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.