Preliminary data from the National Institute of Statistics and Geography (INEGI) shows that Mexico's economy slowed down in the fourth quarter. The gross domestic product (GDP) saw an unadjusted increase of 2.4 percent year-over-year, a drop from 3.3 percent growth in the third quarter, and lesser than the anticipated 3.1 percent growth.
With regard to larger economic activities, the secondary sector saw the most significant expansion, growing by 3.1 percent annually, albeit slower than the previous quarter's 4.3 percent. The primary sector suffered a sharp drop in annual growth, falling to 0.3 percent from 5.7 percent, while the tertiary sector also saw a slower growth rate of 2.1 percent, compared to a 2.7 percent expansion in the third quarter.
On a seasonally adjusted note, the GDP saw a small 0.1 percent increase in the fourth quarter, which was lower than the 0.4 percent economists had expected. However, looking at the year as a whole, the overall GDP grew by 3.1 percent in 2023 compared to 2022.
