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UPDATE 1-Mexican economy grows slightly below forecast in 1st quarter

UPDATE 1-Mexican economy grows slightly below forecast in 1st quarter

MEXICO-GDP/ (UPDATE 1) – REUTERS Agency

(Updates with details and context)

MEXICO CITY, May 26 (Reuters) – Mexico’s economy grew in the first quarter slightly below what had been previously estimated, amid a weak performance of agricultural activities, which was offset by services and manufacturing .

The Gross Domestic Product (GDP) advanced by 1% compared to the period October-December 2022, when it registered a growth of 0.6%, according to seasonally adjusted figures released on Friday by the statistics institute, INEGI.

Earlier, the institution had forecast that Latin America’s second-largest economy would have expanded 1.1% in the first quarter.

The advance was led by an increase of 1.5% in tertiary activities -which include services-, and 0.6% in secondary activities -which include manufacturing-.

In contrast, primary activities -which include agriculture, livestock and fishing- fell by 2.8%.

At the interannual rate, GDP accelerated to 3.7% in the first quarter of the year, although the data was also lower than the previously estimated 3.9% growth. (Reporting by Noe Torres)

Source: Ambito

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