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Mexico’s economy grew by 1.1 percent in first quarter

Mexico City, Mexico — Mexico’s economy has grown by 1.1 percent during the first quarter of the year, making it the highest rate since the third quarter of 2016.

According to the National Institute of Statistics and Geography, the Mexican economy reported a growth of 1.1 percent over the previous quarter based on figures adjusted for seasonality. This quarterly growth rate is the highest since the third quarter of 2016.

By components, the Gross Domestic Product (GDP) of activities related to the services sector advanced 1.1 percent in the January to March quarter of this year, while the agricultural and industrial sectors grew 0.9 percent individually, compared to the previous quarter.

In its annual comparison, the GDP registered a real increase of 2.3 percent in the first quarter of the current year in relation to the same period of 2017, slightly lower than the 2.4 percent initially reported by the National Institute of Statistics and Geography.

Due to large economic activities, the GDP of agricultural activities rose 5.2 percent, that of services 2.9 percent and that of the industries by 0.3 percent with respect to the January to March period a year earlier.

The figures were revised by incorporating the latest information on the basic statistics available and reconciling the quarterly calculations with the annual accounts of the National Accounts System of Mexico based on the recently published 2016 Goods and Services Accounts.