Mexico Economic Growth Eases To 2.4%

(RTTNews) - The Mexican economy expanded at a slower pace in the fourth quarter, preliminary data from the National Institute of Statistics and Geography, or INEGI, showed on Tuesday.

Gross domestic product advanced an unadjusted 2.4 percent year-over-year in the December quarter, following 3.3 percent growth in the September quarter. The expected growth rate was 3.1 percent.

Regarding large economic activities, the secondary sector expanded the most, by 3.1 percent annually in the fourth quarter, though slower than the 4.3 percent gain in the previous quarter.

The annual growth in the primary sector softened sharply to 0.3 percent from 5.7 percent. The tertiary activity also grew at a weaker pace of 2.1 percent versus 2.7 percent expansion in the third quarter.

On a seasonally adjusted basis, GDP advanced 0.1 percent in the fourth quarter, which was below the 0.4 percent rise expected by economists.

During the whole year 2023, overall GDP showed a growth of 3.1 percent compared with 2022.