GDP in Mexico

Mexico GDP | Economic News & Forecasts

Mexico - GDP

GDP growth accelerates in the third quarter and beats market expectations

According to a preliminary reading, GDP growth accelerated somewhat to 1.0% on a seasonally adjusted quarter-on-quarter basis in the third quarter, up from 0.9% in the second quarter and beating market expectations for a slowdown to 0.6%.

The services sector grew 1.2% over the previous quarter in seasonally-adjusted terms in the third quarter, edging up from the second quarter's 0.9% increase. The reading was likely aided by a recovering tourism sector, the fading impact of both Covid-19 and last year’s outsourcing ban, and strong remittances. Meanwhile, industrial sector growth was steady at 0.9% in Q3, amid strong vehicle production in the quarter. Primary sector growth improved to 1.8% in Q3, compared to the 0.9% expansion recorded in the prior quarter.

On an annual basis, economic growth improved to 4.2% in Q3, following the previous period's 2.0% increase. Q3's reading marked the best result since Q3 2021.

Despite the upside Q3 surprise, our panelists see economic conditions deteriorating ahead amid tighter monetary policy, slowing growth abroad and the end of the post-pandemic normalization of services activity.

FocusEconomics panelists project the economy to expand 1.9% in 2022, which is unchanged from last month’s forecast. In 2023, they see GDP growth of 1.9%.

Mexico - GDP Data

2015   2016   2017   2018   2019  
Economic Growth (GDP, annual variation in %)3.3  2.6  2.1  2.2  -0.3  

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Mexico GDP Chart


Mexico GDP
Note: Annual variation of gross domestic product (GDP) in %.
Source: Mexico National Statistical Institute (INEGI) and FocusEconomics calculations.

Mexico Facts

Value Change Date
Bond Yield6.87-0.24 %Dec 31
Exchange Rate18.93-0.29 %Jan 01

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