The Mexican economy shrank 0.3 percent year-on-year in the third quarter of 2019, below a preliminary figure of a 0.4 percent decline and an upwardly revised 0.9 percent contraction in the previous period. The industrial sector fell less than initially thought while services unexpectedly grew. GDP Annual Growth Rate in Mexico averaged 2.41 percent from 1994 until 2019, reaching an all time high of 9 percent in the fourth quarter of 1996 and a record low of -9.10 percent in the second quarter of 1995. source: Instituto Nacional de Estadística y Geografía (INEGI)

GDP Annual Growth Rate in Mexico is expected to be 0.10 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Mexico to stand at 1.50 in 12 months time. In the long-term, the Mexico GDP Annual Growth Rate is projected to trend around 1.60 percent in 2020, according to our econometric models.

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Mexico GDP Annual Growth Rate
Calendar GMT Actual Previous Consensus TEForecast
2019-07-31 11:00 AM GDP Growth Rate YoY Prel Q2 -0.7% 1.2% 0.2% 0.6%
2019-08-23 11:00 AM GDP Growth Rate YoY Final Q2 -0.8% 1.2% -0.8% -0.7%
2019-10-30 12:00 PM GDP Growth Rate YoY Prel Q3 -0.4% -0.8% 0.1% -0.2%
2019-11-25 12:00 PM GDP Growth Rate YoY Final Q3 -0.3% -0.9% -0.4% -0.4%
2020-01-30 12:00 PM GDP Growth Rate YoY Prel Q4 -0.3% 0.1%
2020-02-25 12:00 PM GDP Growth Rate YoY Final Q4 -0.3% 0.1%
2020-04-30 11:00 AM GDP Growth Rate YoY Prel Q1



Recession in Mexico Confirmed in Q3

The Mexican economy shrank 0.3 percent year-on-year in the third quarter of 2019, below a preliminary figure of a 0.4 percent decline and an upwardly revised 0.9 percent contraction in the previous period. The industrial sector fell less than initially thought while services unexpectedly grew.

The industrial sector shrank 1.4 percent in the third quarter of the year compared to a 3 percent contraction in the previous quarter, of which mining & quarrying (-4.2 percent vs -7.8 percent), namely the oil sub-sector (-6.2 percent vs -9.2 percent) and construction (-6.9 percent vs -7.1 percent). In contrast, output rebounded for manufacturing (1.3 percent vs -0.2 percent) and rose faster for utilities (2.5 percent vs 1.8 percent).

Services activities grew 0.1 percent (vs preliminary -0.1 percent), after falling 0.1 percent in the previous period. Growth was mainly observed in retail trade (2.9 percent vs 2.1 percent); transport & storage (1.3 percent vs 0.9 percent); information & communication (4.1 percent vs -5.2 percent); real estate activities (0.9 percent vs 1.0 percent); professional, scientific and technical services (0.7 percent vs -3.1 percent) and business services (2.7 percent vs 5.6 percent).

The primary sector expanded 5.4 percent, the most since the third quarter of 2014, recovering sharply from a 0.2 percent drop in the previous period.

On a quarterly basis, the Mexican economy stalled in the three months to September, below a preliminary estimate of a 0.1 percent growth and following downwardly revised 0.1 percent contraction in the prior period.


INEGI | Luisa Carvalho | luisa.carvalho@tradingeconomics.com
11/25/2019 3:25:14 PM


News

Mexican Economy Enters Recession in Q3
The Mexican economy shrank 0.4 percent year-on-year in the third quarter of 2019, following a 0.8 percent contraction in the previous period and missing market expectations of a 0.1 percent growth, a preliminary estimate showed.
Published on 2019-10-30

Mexico Economy Contracts for 1st Time since 2009
The Mexican economy shrank 0.8 percent year-on-year in the second quarter of 2019, compared to a preliminary reading of a 0.7 percent contraction and a 1.2 percent growth in the previous period, matching market expectations. It was the first yearly economic contraction since the last quarter of 2019, mainly due to a decline in industrial activity.
Published on 2019-08-23

Mexico GDP Contracts for First Time in a Decade
The Mexican economy shrank 0.7 percent year-on-year in the second quarter of 2019, following a 1.2 percent growth in the previous period and missing market expectations of 0.2 percent expansion, a preliminary estimate showed.
Published on 2019-07-31

Mexico Annual GDP Growth Rate Revised Down to 1.2%
The Mexican economy advanced 1.2 percent year-on-year in the first quarter of 2019, below a preliminary figure of 1.3 percent and 1.7 percent in the previous period. It is the weakest expansion since Q1 2018, as services slowed and the industrial sector continued to shrank. Primary activities rose slightly less than initially estimated.
Published on 2019-05-24



Mexico GDP Last Previous Highest Lowest Unit
GDP Growth Rate 0.00 -0.10 3.20 -5.70 percent [+]
GDP Annual Growth Rate -0.30 -0.90 9.00 -9.10 percent [+]
GDP 1223.81 1158.07 1314.56 13.04 USD Billion [+]
GDP Constant Prices 18552130.00 18549655.00 18593949.00 9736415.00 MXN Million [+]
Gross Fixed Capital Formation 3583821.00 3672472.00 3839128.00 1475956.00 MXN Million [+]
GDP per capita 10385.30 10297.59 10385.30 3907.49 USD [+]
GDP per capita PPP 18101.90 17949.02 18101.90 13452.23 USD [+]
GDP From Agriculture 513035.74 615696.81 698863.42 326544.91 MXN Million [+]
GDP From Construction 1185852.00 1225708.00 1348285.00 616361.00 MXN Million [+]
GDP From Manufacturing 3005713.00 2966388.00 3005713.00 1579762.00 MXN Million [+]
GDP From Mining 853816.00 836714.00 1339290.00 836714.00 MXN Million [+]
GDP From Public Administration 683073.70 727270.63 764241.00 552862.50 MXN Million [+]
GDP From Services 11652795.25 11775840.09 12146354.40 5606905.89 MXN Million [+]
GDP From Transport 1219630.00 1227589.00 1227589.00 557632.00 MXN Million [+]
GDP From Utilities 319650.00 295915.00 319650.00 93738.00 MXN Million [+]


Mexico GDP Annual Growth Rate

Mexico is the second largest economy in Latin America. The country has an export-oriented economy: more than 90 percent of trade is under free trade agreements. In Mexico, services account for 62 percent of total GDP. The biggest segments within services are: wholesale and retail trade (16 percent); real estate (10 percent); transport, warehousing and communications (7 percent) and financial services and insurance (6 percent). Industry constitutes 18 percent of output and the largest segments within this sector are: automobile industry (4 percent of total GDP) and food industry (3.8 percent). The remaining share is divided by: construction, water, gas and electricity distribution (8 percent), mining (5 percent), government (4 percent ) and agriculture, forestry, fishing and hunting (3 percent). This page provides - Mexico GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Mexico GDP Annual Growth Rate - actual data, historical chart and calendar of releases - was last updated on December of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
-0.30 -0.90 9.00 -9.10 1994 - 2019 percent Quarterly
NSA




Country Last Previous
China 6.00 Sep/19 6.2
Indonesia 5.02 Sep/19 5.05
India 4.50 Sep/19 5
United States 2.10 Sep/19 2.3
South Korea 2.00 Sep/19 2
Spain 2.00 Sep/19 2
Netherlands 1.90 Sep/19 1.8
Australia 1.70 Sep/19 1.6
Japan 1.70 Sep/19 0.9
Russia 1.70 Sep/19 0.9
Canada 1.60 Jun/19 1.4
France 1.40 Sep/19 1.4
Brazil 1.20 Sep/19 1.1
Euro Area 1.20 Sep/19 1.2
Switzerland 1.10 Sep/19 0.2
United Kingdom 1.00 Sep/19 1.3
Turkey 0.90 Sep/19 -1.6
Argentina 0.60 Jun/19 -5.8
Germany 0.50 Sep/19 0.3
Saudi Arabia 0.50 Jun/19 1.7
Singapore 0.50 Sep/19 0.2
Italy 0.30 Sep/19 0.1
South Africa 0.10 Sep/19 0.9
Mexico -0.30 Sep/19 -0.9


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