Mexico’s gross domestic product expanded by 2.5% from the corresponding period of the previous year in the fourth quarter of 2023, slowing from the upwardly revised 3.5% growth rate in the third quarter, and slightly above preliminary estimates of a 2.4% increase. Growth was carried by secondary activities (2.8%), particularly through construction (20.2%) and utility generation (4.9%). Advancements in the GDP were also recorded for tertiary activities (2.4%), including wholesale sales (6.7%) and transportation services (1.8%). On the other hand, slower growth was noted for primary activities (0.3%). Regarding the full year of 2023, the Mexican GDP expanded by 3.2%. source: Instituto Nacional de Estadística y Geografía (INEGI)

The Gross Domestic Product (GDP) in Mexico expanded 2.50 percent in the fourth quarter of 2023 over the same quarter of the previous year. GDP Annual Growth Rate in Mexico averaged 2.08 percent from 1994 until 2023, reaching an all time high of 21.90 percent in the second quarter of 2021 and a record low of -20.70 percent in the second quarter of 2020. This page provides - Mexico GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Mexico GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on March of 2024.

The Gross Domestic Product (GDP) in Mexico expanded 2.50 percent in the fourth quarter of 2023 over the same quarter of the previous year. GDP Annual Growth Rate in Mexico is expected to be 2.30 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Mexico GDP Annual Growth Rate is projected to trend around 1.80 percent in 2025, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2024-01-30 12:00 PM YoY Prel Q4 2.4% 3.3% 3.1% 2.7%
2024-02-22 12:00 PM YoY Final Q4 2.5% 3.3% 2.4% 2.4%
2024-04-30 12:00 PM YoY Prel Q1 2.5% 2.3%


Related Last Previous Unit Reference
Full Year GDP Growth 3.20 3.90 percent Dec 2023
GDP Growth Rate YoY 2.50 3.50 percent Dec 2023
GDP Constant Prices 25214967.00 25194127.00 MXN Million Dec 2023
GDP from Agriculture 1006430.21 768432.64 MXN Million Dec 2023
GDP from Construction 1613296.00 1594039.00 MXN Million Dec 2023
GDP from Manufacturing 5176776.00 5287549.00 MXN Million Dec 2023
GDP from Mining 980854.00 976902.00 MXN Million Dec 2023
GDP from Public Administration 873646.09 823894.18 MXN Million Dec 2023
GDP from Services 15138839.07 14751609.30 MXN Million Dec 2023
GDP from Transport 1818383.00 1824966.00 MXN Million Dec 2023
GDP from Utilities 333715.00 366730.00 MXN Million Dec 2023
GDP Growth Rate 0.10 1.10 percent Dec 2023
Gross Fixed Capital Formation 6448469.00 6440232.00 MXN Million Dec 2023

Mexico GDP Annual Growth Rate
Mexico is the second largest economy in Latin America. The country has an export-oriented economy: more than 90 percent of trade is under free trade agreements. In Mexico, services account for 62 percent of total GDP. The biggest segments within services are: wholesale and retail trade (16 percent); real estate (10 percent); transport, warehousing and communications (7 percent) and financial services and insurance (6 percent). Industry constitutes 18 percent of output and the largest segments within this sector are: automobile industry (4 percent of total GDP) and food industry (3.8 percent). The remaining share is divided by: construction, water, gas and electricity distribution (8 percent), mining (5 percent), government (4 percent ) and agriculture, forestry, fishing and hunting (3 percent).
Actual Previous Highest Lowest Dates Unit Frequency
2.50 3.50 21.90 -20.70 1994 - 2023 percent Quarterly
NSA

News Stream
Mexican Annual GDP Growth Revised Higher
Mexico’s gross domestic product expanded by 2.5% from the corresponding period of the previous year in the fourth quarter of 2023, slowing from the upwardly revised 3.5% growth rate in the third quarter, and slightly above preliminary estimates of a 2.4% increase. Growth was carried by secondary activities (2.8%), particularly through construction (20.2%) and utility generation (4.9%). Advancements in the GDP were also recorded for tertiary activities (2.4%), including wholesale sales (6.7%) and transportation services (1.8%). On the other hand, slower growth was noted for primary activities (0.3%). Regarding the full year of 2023, the Mexican GDP expanded by 3.2%.
2024-02-22
Mexico Economy Grows Less than Expected in Q4
Mexico’s gross domestic product expanded by 2.4 percent year-on-year in the fourth quarter of 2023, easing from 3.3 percent in the previous period and less than market expectations of a 3.1 percent growth. Output slowed for primary activities (0.3 percent vs 5.7 percent in Q3), secondary activities (3.1 percent vs 4.3 percent), and services (2.1 percent vs 2.7 percent). The Mexican economy rose by 0.1 percent quarterly, also below consensus of 0.4 percent. In 2023, growth reached 3.1 percent, slowing down from the 3.9 percent advance recorded in 2022.
2024-01-30
Mexican GDP Grows for 10 Consecutive Quarters
Mexico’s gross domestic product expanded by 3.3% from the corresponding period of the previous year in the third quarter of 2023, notching ten consecutive quarters of yearly growth, and in line with market expectations. The result extended the period of resilience to the Bank of Mexico’s aggressive tightening cycle and added leeway for the central bank to prolong its hawkish outlook. Output increased substantially for primary activities (5.7% vs 3.6% in Q2) and secondary activities (4.3% vs 3.9%), largely due to strong output in petrol extraction, power generation, and construction. In the meantime, services output expanded by 2.7%, slowing slightly from the 3.1% growth in the second quarter.
2023-11-24