Mexico: GDP growth is stable in the second quarter
According to a third estimate, GDP growth was stable at 0.8% on a seasonally adjusted quarter-on-quarter basis in the second quarter. On an annual basis, economic growth lost steam, cooling to 3.6% in Q2, compared to the previous quarter’s 3.8% expansion. Q2’s reading marked the softest expansion since Q2 2022.
Household spending growth waned to 1.0% seasonally-adjusted quarter-on-quarter in Q2 compared to a 1.9% expansion in Q1. Public spending growth waned to 0.9% in Q2 (Q1: +1.4% s.a. qoq). Meanwhile, fixed investment growth ticked up to 6.5% in Q2, above the 6.3% expansion in the prior quarter.
On the external front, exports of goods and services deteriorated, contracting 3.1% in Q2 (Q1: +0.2% s.a. qoq). In addition, imports of goods and services growth moderated to 2.2% in Q2 (Q1: +3.9% s.a. qoq).