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.

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Mexico GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-3.60 -4.50 9.00 -18.70 1994 - 2021 percent Quarterly
NSA


Calendar GMT Actual Previous Consensus TEForecast
2021-01-29 12:00 PM YoY Prel Q4 -4.5% -8.6% -5.5% -6%
2021-02-25 12:00 PM YoY Final Q4 -4.3% -8.6% -4.5% -4.5%
2021-04-30 11:00 AM YoY Prel Q1 -3.8% -4.3% -3.5% -3.2%
2021-05-26 11:00 AM YoY Final Q1 -3.6% -4.5% -3.5% -3.8%
2021-07-30 11:00 AM YoY Prel Q2 -3.6% 14%
2021-08-25 11:00 AM YoY Final Q2 -3.6%
2021-10-29 12:00 PM YoY Prel Q3
2021-11-25 12:00 PM YoY Final Q3


News Stream
Mexico Economy Contracts for 8th Straight Quarter
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.
2021-05-26
Mexico GDP Shrinks More than Expected in Q1
Mexico’s gross domestic product shrank 3.8 percent year-on-year in the first quarter of 2021, following a 4.3 percent slump in the previous period and worse than market expectations of a 3.5 percent decline, a preliminary estimate showed. It was the sixth consecutive quarter of economic downturn, amid the twin impact of the coronavirus pandemic and energy shortages in February. The industrial sector contracted 3 percent, after a 3.1 percent slump in the fourth quarter; and the services sector shrank 4.2 percent, following a 5 percent decline in the previous period. Meanwhile, the primary sector rose 2.8 percent, slowing from a 4.8 percent advance in the prior period. On a quarterly basis, the Mexican GDP grew a meagre 0.4 percent, decelerating sharply from a 3.3 percent growth in the previous quarter but beating market consensus of a 0.1 percent rise.
2021-04-30
Mexico GDP Contracts Less Than Initially Thought in Q4
Mexico’s gross domestic product shrank 4.3% year-on-year in the Q4 of 2020, below a preliminary estimate of 4.5% contraction and following an 8.6% slump in the prior period. The industrial sector shrank 3.1%, less than an 8.7% plunge in Q3, mainly due to softer declines in manufacturing (-0.4% vs -7.1%) and construction (-9.8% vs -17.5%). Also, services activities contracted 5%, after shrinking 8.9% in Q3, in particular wholesale trade (-0.8% vs -9.5%); retail (-1.9% vs -8.6%); transport & storage (-14.1% vs -24.3%); food & accommodation services (-40.9% vs -53.6%). The primary sector rose 4.8%, slowing from a 7.3% advance in the prior period. On a quarterly basis, the country’s economy expanded 3.3%, following an upwardly revised 12.4% growth in Q3 and slightly above an earlier estimate of a 3.1% rise. Mexico’s economy plunged 8.2% in 2020, slightly below a preliminary estimate of an 8.3% slump, but still marking its biggest annual contraction since the Great Depression in the 1930s.
2021-02-25
Mexico Economy Shrinks Less than Expected in Q4
Mexico’s gross domestic product shrank 4.5 percent year-on-year in the fourth quarter of 2020, following an 8.6 percent slump in the previous period and compared with market expectations of a 5.5 percent decline, a preliminary estimate showed. The industrial sector contracted 3.3 percent, less than a 8.8 percent slump in the third quarter; and the services sector shrank 5.1 percent, after declining 8.8 percent. Meanwhile, the primary sector rose 4.8 percent, slowing from a 7.7 percent advance in the prior period. On a quarterly basis, the country's economy grew 3.1 percent, decelerating sharply from a 12.1 percent growth in the previous quarter but beating market consensus of a 2.8 percent rise. Mexico’s economy likely plunged 8.3% in 2020, its biggest annual contraction since the Great Depression in the 1930s.
2021-01-29

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).