Mexico's economy annually expands 1.5% in Q3

ISTANBUL

Mexico's gross domestic product (GDP) increased 1.5% annually with seasonally adjusted series in real terms during the third quarter of this year, according to the country's statistics agency INEGI on Wednesday.

The figure came higher than the market expectation of 1.2%, following an annual growth rate of 2.1% in the second quarter.

The North American country's economy expanded 3.2% in 2023.

While primary activities rose 3.8% in the third quarter of 2024, secondary and tertiary activities increased 0.5% and 1.9%, respectively.

In the first nine months of 2024, GDP rose 1.4% from the same period in 2023, said INEGI.

On a quarterly basis, the GDP increased 1% in real terms, compared to the previous quarter, also coming higher than market estimates of 0.8%.

Mexico's economy expanded just 0.2% in April-June period of 2024, compared to the previous three-month period.

While primary activities jumped 4.6% in the third quarter, secondary and tertiary activities rose 0.9% each, compared to the previous quarter, according to INEGI.