**Mexico’s GDP Grows 1% in the Third Quarter of 2024**
Preliminary seasonally adjusted figures released on October 30, 2024, by Mexico’s National Institute of Statistics and Geography (INEGI) show that the country’s Gross Domestic Product (GDP) increased by 1% in the third quarter of this year compared to the previous quarter. This marks the highest quarterly growth since the second quarter of 2022.
The growth was driven by significant advances in both agricultural activities and the manufacturing and services sectors. Primary activities, which include agriculture, fishing, and mining, saw a rise of 4.6%, while secondary activities, encompassing manufacturing, increased by 0.9%. Tertiary activities, which cover services, also experienced a 0.9% uptick.
On an annual basis, Mexico’s GDP grew by 1.5% in the third quarter of 2024. Although this is lower than the original 2.1% growth figure from the previous period, it surpasses the 1.2% growth expected by analysts. Final GDP figures for the third quarter are scheduled to be published on November 22, 2024.
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**Additional Insights: Mexican Economy Resilient Amid Global Challenges**
In related news, Mexico’s economic performance continues to show resilience in the face of ongoing global challenges, such as fluctuating oil prices and shifting trade dynamics. Analysts are noting the role of diversified economic activities, particularly in agriculture and technology sectors, as crucial factors for maintaining stability. Furthermore, recent government initiatives aimed at boosting domestic investment and infrastructure development have begun to yield positive outcomes, supporting the country’s broader economic recovery efforts.
Economic experts are optimistic that the continual strengthening of the manufacturing and export sectors will further bolster Mexico’s GDP in the upcoming quarters. However, they also highlight the importance of maintaining fiscal discipline and strategic investment in education and technological innovation to sustain long-term growth and competitiveness on the global stage.