The Mexican economy expanded by 1% quarter-on-quarter in the three months ending March of 2023, below preliminary estimates of a 1.1% advance and in line with market expectations. It was the sharpest expansion since the second quarter of 2022, underscoring the resilience of the Mexican economy from Banxico's aggressive rate-hike cycle. Output expanded the most for services (1.5% vs 0.1% in Q4) as inflation slowed and consumer and business activity recovered while manufacturing production rose at a solid pace (0.6% vs 0.5%). On the other hand, the GDP contracted for primary activities (-2.8% vs 2%). On a yearly basis, the Mexican GDP expanded by 3.7% in the first quarter, below the 3.9% growth expected by the market and projected by preliminary data. source: Instituto Nacional de Estadística y Geografía (INEGI)

GDP Growth Rate in Mexico averaged 0.55 percent from 1993 until 2023, reaching an all time high of 13.10 percent in the third quarter of 2020 and a record low of -17.80 percent in the second quarter of 2020. 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 June of 2023.

GDP Growth Rate in Mexico is expected to be 0.20 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Mexico GDP Growth Rate is projected to trend around 1.00 percent in 2024, according to our econometric models.

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Mexico GDP Growth Rate



Calendar GMT Actual Previous Consensus TEForecast
2023-04-28 12:00 PM QoQ Prel Q1 1.1% 0.5% 0.8% 0.5%
2023-05-26 12:00 PM QoQ Final Q1 1% 0.5% 1% 1.1%
2023-07-31 11:00 AM QoQ Prel Q2 1% 0.2%


Related Last Previous Unit Reference
GDP Growth Rate 1.00 0.50 percent Mar 2023
GDP Annual Growth Rate 3.70 3.60 percent Mar 2023
GDP Constant Prices 18761767.00 18560365.00 MXN Million Mar 2023
Gross Fixed Capital Formation 3542637.00 3425192.00 MXN Million Dec 2022
Full Year GDP Growth 3.10 5.00 percent Dec 2022
GDP from Utilities 219879.00 225891.00 MXN Million Mar 2023
GDP from Transport 1226188.00 1263985.00 MXN Million Mar 2023
GDP from Services 11705515.57 12032649.45 MXN Million Mar 2023
GDP from Public Administration 691072.95 724717.01 MXN Million Mar 2023
GDP from Mining 908018.00 843575.00 MXN Million Mar 2023
GDP from Manufacturing 3079414.00 3051297.00 MXN Million Mar 2023
GDP from Construction 1125684.00 1126137.00 MXN Million Mar 2023
GDP from Agriculture 579418.06 778996.90 MXN Million Mar 2023

Mexico GDP Growth Rate
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
1.00 0.50 13.10 -17.80 1993 - 2023 percent Quarterly
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News Stream
Mexico Q1 GDP Revised Lower
The Mexican economy expanded by 1% quarter-on-quarter in the three months ending March of 2023, below preliminary estimates of a 1.1% advance and in line with market expectations. It was the sharpest expansion since the second quarter of 2022, underscoring the resilience of the Mexican economy from Banxico's aggressive rate-hike cycle. Output expanded the most for services (1.5% vs 0.1% in Q4) as inflation slowed and consumer and business activity recovered while manufacturing production rose at a solid pace (0.6% vs 0.5%). On the other hand, the GDP contracted for primary activities (-2.8% vs 2%). On a yearly basis, the Mexican GDP expanded by 3.7% in the first quarter, below the 3.9% growth expected by the market and projected by preliminary data.
2023-05-26
Mexico GDP Expands More than Expected
The Mexican economy expanded by 1.1% quarter-on-quarter in the three months ending March of 2023, accelerating from the 0.5% growth in the previous quarter and surpassing market expectations of a 0.8% advance. It was the sharpest expansion since the second quarter of 2022, underscoring the resilience of the Mexican economy from Banxico's aggressive rate-hike cycle. Output expanded the most for services (1.5% vs 0.1% in Q4) as inflation slowed and consumer and business activity recovered, while production rose at a solid pace for manufacturing (0.7% vs 0.5%). On the other hand, the GDP contracted for primary activities (-3.2% vs 2%). On a yearly basis, the Mexican GDP expanded by 3.8% in the first quarter.
2023-04-28
Mexico Q4 GDP Growth Revised Higher
The Mexican economy expanded 0.5 percent on quarter in the three months to December 2022, slightly above preliminary estimates of a 0.4 percent gain and easing from a revised 0.9 percent growth in the previous period. Output slowed for all three major sectors, including the primary (2.0 percent vs. 3.2 percent in Q3), manufacturing (0.5 percent vs. 0.6 percent), and services (0.1 percent vs. 1.0 percent). The country's economy advanced 3.6 percent yearly, following a revised 4.4 percent gain in the previous period but above a preliminary reading of a 4.3 percent raise. The Mexican economy expanded by 3.1 percent in 2022, slowing down from the 5 percent advance recorded last year.
2023-02-24