According to preliminary data released on Thursday by the National Institute of Statistics and Geography (INEGI), the Mexican economy experienced slower growth in the fourth quarter.
The gross domestic product (GDP) increased by an unadjusted 0.6 percent year-over-year in the December quarter compared to a 1.6 percent expansion in the September quarter. Analysts had anticipated a growth rate of 1.2 percent.
The deceleration in the economy was primarily attributed to a significant 4.6 percent contraction in the primary sector. Additionally, the secondary sector contracted by 1.7 percent, while growth in the tertiary sector marginally eased to 2.1 percent from the previous 2.2 percent.
On a seasonally adjusted basis, GDP declined by 0.6 percent in the fourth quarter, surpassing the anticipated drop of 0.2 percent.
For the entire year of 2024, the Mexican economy grew by 1.3 percent compared to the previous year, according to the agency's report.
