Mexico’s economy continued to grow at a weak rate in the first quarter, according to a Reuters poll on Monday. This was mainly due to declines in manufacturing and agriculture, although the services sector was able to partially offset these losses. The median estimate from 10 financial institutions was that the gross domestic product (GDP) grew by 0.1% in the quarter.
This marks the 10th consecutive quarter of economic growth for Latin America’s second-largest economy. If confirmed, it will be below the 2.5% growth registered in the previous quarter, and at a yearly rate, GDP is expected to have grown by 2.1%. Mexico’s statistics agency, INEGI, is set to publish GDP growth data for the first quarter of 2024 on Tuesday.
The weak growth can be attributed to declines in manufacturing and agriculture, which has been seen in previous quarters as well. Despite these challenges, Mexico’s economy has still managed to maintain a streak of growth, albeit at a slower pace than in previous quarters.