Mexico’s GDP grew by 1.1% in the quarter ending September 2024 compared to the previous quarter. This marks a sharp acceleration from the 0.2% growth in the earlier period and surpasses the preliminary estimate of 1% and market expectations of a 0.8% increase. It’s the fastest expansion since the first quarter of 2022, providing the Bank of Mexico with room to lower interest rates while still cautiously addressing inflation concerns.
Mexico’s Economy Recovers with 1.6% Yearly Growth
The surge was mainly driven by a strong rebound in primary activities, which jumped 4.9% after a 0.2% decline in the second quarter. Secondary activities also saw increased growth at 0.9%, up from 0.3%, and tertiary activities improved to 1.1% from 0.1%. On a yearly basis, Mexico’s GDP expanded by 1.6%.
