Mexico GDP Annual Growth Rate

Last Release

Mar 31, 2024

Actual

1.6

Units In

2.5

Frequency

Quarterly

Next Release

May 23, 2024

Time to Release

22 Days 11 Hours

Highest	Lowest	Average	Date Range	Source
19.9 Jun 2021	-18.7 Jun 2020	2.17 %	1994-2024	N/A

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).

Latest Updates

Mexico’s gross domestic product expanded by 1.6 percent year-on-year in the first quarter of 2024, easing from 2.5 percent in the previous period and less than market expectations of a 2.1 percent growth. Output slowed for secondary activities (0.8 percent vs 2.8 percent in Q4) and services (2.2 percent vs 2.4 percent). On the other hand, it picked up for primary activities (0.6 percent vs 0.3 percent). The Mexican economy rose by 0.2 percent quarterly, above consensus of a flat reading.