**Mexico’s GDP Rises by 1% in the Third Quarter of 2024**
In the latest economic update, preliminary seasonally adjusted statistics from the National Institute of Statistics and Geography (INEGI) have revealed a 1% growth in Mexico’s Gross Domestic Product (GDP) for the third quarter of 2024. This marks the highest quarterly increase since the second quarter of 2022. According to reports, this growth was driven by significant developments in agricultural activities, manufacturing, and services.
Breaking down the growth sectors, primary activities, which include agriculture, fishing, and mining, saw a substantial rise of 4.6%. Meanwhile, secondary activities, covering manufacturing, and tertiary activities, encompassing services, both experienced a 0.9% increase.
Compared to the same period in the previous year, the GDP grew by 1.5%. Although this is slightly lower than the 2.1% recorded in the previous period, it exceeded the 1.2% predicted by analysts. The final GDP figures for the third quarter are scheduled for release on November 22, 2024.
**Secondary Article: Mexico’s Economic Outlook: Strong Agricultural Growth Leads the Way**
As Mexico’s economic data continues to emerge, it’s clear that the agricultural sector is playing a crucial role in the nation’s recent economic growth. The 4.6% increase in primary activities, including agriculture, reflects the sector’s vitality. This growth is attributed to favorable weather conditions and increased demand for exports.
Moreover, the manufacturing sector is showing signs of recovery, benefiting from increased foreign investments and a gradual return to pre-pandemic production levels. The service sector, which faced significant challenges during the pandemic, is also rebounding as domestic and international travel resumes.
Looking ahead, Mexico’s economic outlook remains cautiously optimistic. Policymakers are focusing on sustaining growth through infrastructure projects and trade partnerships, which are expected to further strengthen the country’s economic position. However, ongoing challenges, including inflation and global economic uncertainties, will require careful navigation to maintain momentum.
As Mexico anticipates the final GDP figures for the third quarter, the data so far suggests a resilient economy that is adapting effectively to a post-pandemic world.