Mexico's gross domestic product grew by 0.8 percent on quarter in the three months to March 2021, beating a preliminary estimate of 0.6 percent and following a downwardly revised 3.2 percent expansion in the previous period. It was the slowest pace of economic growth since a recovery began in the third quarter of 2020. The service sector growth slowed to 0.9 percent from 3.2 percent in Q4 2020 on the back of a resurgence in COVID cases and new lockdowns across the globe. In addition, industrial output advanced at a slower 0.5 percent (vs 3.6 percent in Q4) as the Texas freeze in February caused power shortages in the manufacturing hubs of northern and central Mexico. Agriculture activity, however, rebounded 0.7 percent (vs -2.1 percent in Q4). GDP in Latin America’s second-biggest economy plummeted by 8.3 percent last year, the biggest decline in about nine decades. source: Instituto Nacional de Estadística y Geografía (INEGI)
GDP Growth Rate in Mexico averaged 0.53 percent from 1993 until 2021, reaching an all time high of 12.50 percent in the third quarter of 2020 and a record low of -16.90 percent in the second quarter of 2020. This page provides - Mexico GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Mexico GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on July of 2021.
GDP Growth Rate in Mexico is expected to be 1.30 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Growth Rate in Mexico to stand at 0.70 in 12 months time. In the long-term, the Mexico GDP Growth Rate is projected to trend around 0.80 percent in 2022, according to our econometric models.