Preliminary data released on Tuesday by the National Institute of Statistics and Geography (INEGI) reveals that the Mexican economy's growth slowed in the first quarter. The Gross Domestic Product (GDP) increased an unadjusted 1.6 percent year-over-year in the first three months, a shortfall when compared to the 2.5 percent growth in the previous quarter. Analysts had forecasted a growth rate of 2.1 percent.
When it comes to major economic sectors, the tertiary sector exhibited the most significant growth, expanding by 2.2 percent annually in the first quarter, although it fell short of the 2.4 percent increase seen in the previous quarter. In contrast, the secondary sector's annual growth considerably weakened, falling to 0.8 percent from 2.8 percent. The primary sector, however, grew more rapidly at 0.6 percent, outpacing its 0.3 percent expansion in the fourth quarter.
Adjusting for seasonal variations, the first quarter GDP grew by 0.2 percent, surpassing economists' predictions of no change.
