Mexico GDP Growth Rate

Last Release

Dec 31, 2023

Actual

0.1

Units In

1.1

Frequency

Quarterly

Next Release

May 23, 2024

Time to Release

2 Months 28 Days 11 Hours

Highest	Lowest	Average	Date Range	Source
13.8 Sep 2020	-17.8 Jun 2020	0.55 %	1993-2023	N/A

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

The Mexican GDP expanded by 0.1% from the previous quarter in the three months ending in December of 2023, holding the 1.1% jump in the earlier period and consistent with preliminary estimates. It was the ninth consecutive quarter of expansion in the Mexican economy, albeit the slowest, underscoring some resilience to the extended period of record-high interest rates from Banxico. Growth in the period was entirely driven by services, adding 0.3% in the quarter to extend the 0.9% expansion in the earlier period. This was enough to offset the 1% contraction in primary activities and 0.1% downtick in secondary activities. From the corresponding period of the previous year, the Mexican GDP expanded by 2.5% in the fourth quarter, marking a 3.2% expansion for the full year of 2023.