Mexico’s gross domestic product contracted 1.4 percent on quarter in the three months to March 2020, below a preliminary reading of a 1.6 percent decline and after shrinking an upwardly revised 0.6 percent in the prior period. It was the steepest contraction since Q1 2009, amid the coronavirus crisis. The services sector shrank 0.9%, faster than a 0.3% contraction in the prior quarter, namely retail trade (-2.2% vs 0.3%), culture, recreation and sports services (-14.1% vs -0.9%), hotels & restaurants (-11% vs 2%), information & communication (-1.2% vs 1.6%), transport & storage (-2% vs -1.7%), and health & social services (-1.3% vs -0.2%). Industrial activity contracted 1.2%, after a 1.5% fall in Q4 2019, of which manufacturing (-1.9% vs -2.6%), construction (-0.3% vs -1.8%) and utilities (-2.8% vs 0.6%). Meantime, the primary sector expanded 1.7%, rebounding from a 0.1% contraction. Year-on-year, the economy shrank 1.4 percent, after declining 0.7 percent in the prior period.
GDP Growth Rate in Mexico averaged 0.55 percent from 1993 until 2020, reaching an all time high of 3.20 percent in the third quarter of 2009 and a record low of -5.80 percent in the first quarter of 1995. This page provides - Mexico GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Mexico GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on May of 2020. source: Instituto Nacional de Estadística y Geografía (INEGI)
GDP Growth Rate in Mexico is expected to be -5.30 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Growth Rate in Mexico to stand at 1.50 in 12 months time. In the long-term, the Mexico GDP Growth Rate is projected to trend around 1.10 percent in 2021 and 0.80 percent in 2022, according to our econometric models.