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Investing.com -- Mexico’s economy experienced a contraction in the fourth quarter due to decreased industrial output and agricultural production, marking the first quarterly decline in over three years.
Inegi, the statistics institute, reported on Friday that the nation’s gross domestic product (GDP), which measures output in goods and services, fell by 0.6% in seasonally adjusted terms from the third quarter. This decrease aligns with a preliminary reading released at the end of January.
The industrial sector experienced a 1.5% drop, and agricultural production fell by a significant 8.5%. However, the services sector saw a slight increase of 0.2%.
Compared to the same quarter in the previous year, the GDP rose by 0.5% without any adjustments. This brought the total growth for 2024 to 1.5%, which is lower than the 3.3% growth reported in 2023.
Earlier this week, the Bank of Mexico reduced its growth estimate for 2025 to 0.6% from 1.2%. The revised estimate was based on the weaker-than-anticipated finish to 2024 and the potential impact of uncertainty surrounding U.S. trade policy towards Mexico on private consumption and investment.
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