**Mexico’s Economy Grew 1.2% in 2024: Adjusted Data from INEGI**
According to adjusted data from the National Institute of Statistics and Geography (INEGI), Mexico’s economy experienced a 1.2% growth in 2024. This represents a minor downward revision from earlier estimates due to decreased activity in commerce, services, and agriculture. The adjusted figures were released on February 21, 2025, and reflect a slight decrease from the preliminary 1.3% growth reported in January 2025.
This rate marks the slowest economic growth for Mexico post-pandemic, following the significant 8.5% drop in GDP during 2020. The revision was mainly attributed to tertiary activities, which expanded by 2.1% instead of the previously stated 2.2%. Primary activities also saw a slight decrease, placing their growth at 2.1% year-on-year.
The industrial sector remained stagnant with a 0.1% growth compared to 2023. However, the last quarter of 2024 saw a 0.6% contraction compared to the previous quarter. While commerce and services, crucial components of the GDP, increased by 0.2% quarterly, secondary activities like industry shrank by 1.5%, a figure also subjected to a correction.
Overall, the lower growth rate emphasizes ongoing challenges within Mexico’s economic sectors. The adjustments in economic activities came as the Global Indicator of Economic Activity (IGAE) showed a 1.0% monthly drop in November 2024. This follows a modest 0.3% increase in November and a 0.6% contraction from December 2023.
Following these developments, the Bank of Mexico (Banxico) revised down its 2025 GDP growth estimate to 0.6% from a previous 1.2%. Factors like low private consumption and investment throughout the first half of 2025, and fiscal consolidation plans for the year, contributed to this revision. Banxico forecasts a growth range between -0.2% and 1.4% for 2025, acknowledging potential implications from the United States’ trade policies.
**Secondary Article: Mexican Economic Forecast Revised**
As Mexico’s economic data for 2024 underscores slower growth, external economic outlook revisions provide additional context. The Organization for Economic Co-operation and Development (OECD) has likewise adjusted its forecasts, reflecting the challenging global economic environment and potential impacts from geopolitical tensions affecting trade relations.
Economists expressed concerns that the US’s forthcoming trade measures could further influence Mexico’s growth trajectory, depending on the nature and scope of these policies. Meanwhile, Mexico’s government outlined strategies to boost private investment, hoping to stimulate sectors hindered by last year’s downturn.
These ongoing adjustments and the emphasis on fiscal responsibility signal a cautious approach by Mexican authorities as they navigate domestic and international economic uncertainties. Observers remain attentive to the government’s capacity to leverage trade partnerships and internal policy mechanisms to fortify economic resilience in the face of anticipated challenges.
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