Performance of the Mexican Economy at the End of 2024

During the last quarter of 2024, the Mexican economy experienced a contraction, which aligns with initial projections. Throughout the year, growth was recorded at 1.2%, amid a collapse in agricultural sector activities.

According to the seasonally adjusted data released on Friday by the National Institute of Statistics and Geography (Inegi), Gross Domestic Product (GDP) fell by 0.6% compared to the period from July to September, without altering the forecasts made at the end of January. Inegi reported an 8.5% drop in primary activities, which include agriculture, fishing, and livestock; while secondary activities, comprising manufacturing, fell by 1.5%. In contrast, tertiary activities, which correspond to services, registered a slight increase of 0.2%. Over the course of 2024, the Mexican economy grew by 1.2% adjusted for seasonality, slightly below the initial forecast of 1.3%. Annually, GDP experienced a 0.5% increase in the fourth quarter, also a bit lower than the previous estimate of 0.6%. In original figures, the economy showed a growth of 1.5% during the past year.

It is crucial for the government and economic sectors to focus on policies that promote recovery and diversification of the economy, particularly in areas that have been severely impacted like the agricultural sector. Sustainability and innovation will be key to tackling future challenges and improving the overall performance of the Mexican economy. With a solid economic structure, the negative effects of global fluctuations could be mitigated. This is not only essential for the economic well-being of the country but also for fostering investor confidence.