Mexico's economy exhibited growth in the third quarter of 2024, with the Gross Domestic Product (GDP) increasing by 1.1% compared to the previous quarter, according to seasonally adjusted figures. This rise marks a positive shift in the country's economic activity, providing a comprehensive view of its short-term economic evolution.
The expansion in GDP was seen across various sectors with seasonally adjusted figures. Primary activities, which include agriculture, forestry, fishing, and mining, showed the most significant increase with a 4.9% growth rate. Tertiary activities, which encompass the service sector, rose by 1.1%. Meanwhile, secondary activities, which cover manufacturing and industrial work, grew by 0.9%.
On an annual basis, the GDP also saw an increase of 1.6% in real terms during the same quarter. The annual growth rates for the different sectors were as follows: primary activities advanced by 3.7%, tertiary activities by 2.1%, and secondary activities saw a modest increase of 0.4%.
Furthermore, when considering the cumulative performance for the first nine months of 2024, Mexico's GDP experienced a 1.5% rise when compared to the same period in the previous year, 2023. This data underscores a sustained trajectory of economic growth for the country within the year.
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