GDP in Mexico
Mexico - GDP (billions of U.S. Dollars)
Economy contracts for third quarter running in Q4 2019
A comprehensive GDP estimate released by the Statistical Institute (INEGI) on 25 February showed that output fell 0.5% on an annual basis in the final quarter of 2019, more sharply than the 0.3% drop reported in the preliminary estimate and marking the third consecutive quarter of decline (Q3 2019: -0.3% year-on-year). On a seasonally-adjusted, quarter-on-quarter basis, output slipped 0.1% in Q4, revised down from flat growth reported in the flash estimate and matching the third quarter’s outturn. For the year as a whole, GDP shrank 0.1%, contrasting 2018’s 2.1% expansion and marking the first slump since 2009 when the global economic crisis hit.
The steeper contraction in Q4 was primarily driven by a weaker secondary sector. Industrial sector output tumbled 2.1% on an annual basis, dragged down by a marked decline in manufacturing production as the strike at General Motors in the U.S. took a toll on the transport equipment segment, as well by the still-reeling construction sub-sector. On a somewhat more positive note, although mining activity continued to shrink, the pace of contraction eased notably in Q4 on weaker oil output losses. Meanwhile, services sector activity—the economy’s growth engine—flatlined in the quarter, following a marginal 0.1% expansion in Q3. Lastly, primary sector activity growth cooled to 1.6% year-on-year, down from the third quarter’s strong 5.4% increase which had marked a five-year high.
FocusEconomics Consensus Forecast analysts see growth at 1.3% in 2020, which is down 0.1 percentage points from last month’s forecast, and 1.9% in 2021.
Mexico - GDP (USD bn) Data
| 2014 | 2015 | 2016 | 2017 | 2018 | |
|---|---|---|---|---|---|
| GDP (USD bn) | 1,312 | 1,168 | 1,077 | 1,159 | 1,221 |
Mexico Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 6.87 | -0.24 % | Dec 31 |
| Exchange Rate | 18.93 | -0.29 % | Jan 01 |
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Economic News
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Mexico: Economy contracts for third quarter running in Q4 2019
February 25, 2020
A comprehensive GDP estimate released by the Statistical Institute (INEGI) on 25 February showed that output fell 0.5% on an annual basis in the final quarter of 2019, more sharply than the 0.3% drop reported in the preliminary estimate and marking the third consecutive quarter of decline (Q3 2019: -0.3% year-on-year).
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Mexico: Economic activity picks up slightly at 2019-end
February 25, 2020
The monthly indicator for economic activity (IGAE) climbed 0.2% in seasonally-adjusted, month-on-month terms in December 2019, following November’s 0.1% uptick. December’s print reflected a mixed performance across the major sectors.
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Mexico: Banxico axes rate for fifth consecutive time in February to revive activity
February 13, 2020
At its first meeting of the year on 13 February, the Governing Board of the Bank of Mexico (Banxico) unanimously decided to slash the target for the overnight interbank interest rate by 25 basis points to 7.00%, marking the fifth consecutive cut and coming in line with market expectations.
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Mexico: Consumer sentiment edges up in January
February 7, 2020
Consumer confidence improved slightly at the outturn of 2020, with the seasonally-adjusted consumer confidence indicator published by the Statistical Institute (INEGI) coming in at 44.2 points in January, up from December’s 43.5 reading.
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Mexico: Inflation bounces back from over three-year low in January
February 7, 2020
Consumer prices rose 0.48% from the previous month in January, following the 0.56% month-on-month increase logged in December.
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