Mexico's GDP shrank 3.6 percent on year in the first quarter of 2021, an eight consecutive period of contraction and slightly worse than a preliminary estimate of a 3.5 percent fall. Consumer and tourism related sectors continued to suffer amid a resurgence in COVID cases and new lockdowns across the globe, while the Texas freeze in February caused power shortages in the manufacturing hubs of northern and central Mexico. The largest contraction rates were seen at cultural and sports entertainment services, and other recreational services (-44.9 percent), temporary accommodation and food and beverage preparation services (-33.3 percent), and transportation and storage (-12.7 percent). In addition, utilities output dropped 6.1 percent, while construction activity fell 6.8 percent. Mining output also declined 2.7 percent and manufacturing was 0.6 percent lower. On a brighter note, primary activities grew 2.8 percent. source: Instituto Nacional de Estadística y Geografía (INEGI)
GDP Annual Growth Rate in Mexico averaged 1.93 percent from 1994 until 2021, reaching an all time high of 9 percent in the fourth quarter of 1996 and a record low of -18.70 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 July of 2021.
GDP Annual Growth Rate in Mexico is expected to be 14.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Mexico to stand at 3.80 in 12 months time. In the long-term, the Mexico GDP Annual Growth Rate is projected to trend around 2.70 percent in 2022 and 2.40 percent in 2023, according to our econometric models.