The National Institute of Statistics and Geography (INEGI) has released new data on the Gross Domestic Product (GDP) and the Global Indicator of Economic Activity (IGAE) for the first quarter of 2024, showing slight growth signals that could impact the country’s economic outlook.
In the first quarter of 2024, the GDP showed a 0.3% increase in real terms, with seasonally adjusted figures, compared to the previous quarter.
Breaking down the GDP by components, primary activities (agriculture, fishing, and livestock) grew by 1.7%, which could be a positive indicator of better weather conditions and supportive policies for the agricultural sector.
On the other hand, tertiary activities (services such as commerce, transportation, and finance) increased by 0.6%, reflecting a recovery in consumption and demand for services.
However, secondary activities (manufacturing, mining, and construction) experienced a decrease of 0.5%, suggesting challenges in the manufacturing and construction industries, possibly due to supply constraints and rising material costs.
On an annual basis and with seasonally adjusted series, the GDP grew by 1.9% in real terms during the first quarter of 2024. Tertiary activities advanced by 2.4%, while secondary activities grew by 1.5%, indicating a moderate recovery in the industry. Additionally, primary activities increased by 0.7 percent.
As for the IGAE, INEGI reported that in March 2024, this indicator showed a monthly increase of 0.3% with seasonally adjusted figures.
Secondary activities increased by 0.6%, reflecting a slight recovery in industry and construction, while tertiary activities grew by 0.3%, indicating modest growth in the services sector. This category includes transportation and logistics.
However, primary activities decreased by 6.3% on a monthly basis.
On an annual basis and with seasonally adjusted figures, the IGAE grew by 3.3% in real terms. Primary activities increased by 4%, indicating a notable recovery in agricultural and fishing production, while tertiary activities grew by 3.8%, reflecting an increase in the demand for services and commerce. Secondary activities showed a growth of 2.1%, indicating sustained improvement in the manufacturing industry and construction.
These INEGI data showing moderate quarterly GDP growth and annual increase reflect a Mexican economy that continues to show signs of resilience and recovery, with sustained growth in several key sectors.
Economic policies and the global context will continue to be determining factors in the future evolution of the GDP and IGAE, helping to understand the trend of the country’s economic growth in the coming quarters.
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