Mexico’s Economy Shows Resilience with 0.9% Growth in Q2 2023

Mexico’s Gross Domestic Product (GDP) recorded a steady 0.9% growth in Q2 2023, slightly slower than the previous quarter’s 1% expansion.

Diverse sectors contributed to this growth: primary and secondary activities, including agriculture and manufacturing, expanded by 0.8% each, while the services sector, encompassing trade and services, saw a 1.0% increase.

This positive trend marks seven consecutive quarters of economic expansion. While the annual projection reveals a robust 3.7% growth from Q2 2022 to Q2 2023, economists expect a 2.9% growth rate for 2023.

The services sector has been a driving force, showing sustained growth for nine consecutive quarters. However, some volatility was observed in the past four quarters, fluctuating between 0.7% and 0.5% since Q2 2022.

Industries like manufacturing also demonstrated resilience, marking seven quarters of progress.

Despite the slightly slower pace, Mexico’s economy remains strong, presenting promising growth prospects for the future.

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