Mexico GDP Growth Rate

Last Release

Dec 31, 2024

Actual

-0.6

Units In

1.1

Frequency

Quarterly

Next Release

May 22, 2025

Time to Release

2 Months 25 Days 23 Hours

Highest	Lowest	Average	Date Range	Source
13.8 Sep 2020	-17.8 Jun 2020	0.54 %	1993-2024	N/A

In Mexico, services account for 62 percent of total GDP. The biggest segments within services are: wholesale and retail trade (16 percent); real estate (10 percent); transport, warehousing and communications (7 percent) and financial services and insurance (6 percent). Industry constitutes 18 percent of output and the largest segments within this sector are: automobile industry (4 percent of total GDP) and food industry (3.8 percent). The remaining share is divided by: construction, water, gas and electricity distribution (8 percent), mining (5 percent), government (4 percent ) and agriculture, forestry, fishing and hunting (3 percent).

Latest Updates

The Mexican gross domestic product contracted by 0.6% from the previous quarter in the final three months of 2024, trimming the 1.1% expansion in the previous period and in line with preliminary estimates to confirm the sharp miss of expectations of a 0.2% drop. It was the sharpest contraction since the third quarter of 2021, aligned with signals from the central bank that larger rate cuts may be appropriate this year, especially if the US government follows through with tariff threats. Output from primary activities plunged by 8.5% from the previous quarter, while output from industry fell by 1.5%. In turn, services output edged higher by 0.2%. On an annual basis, the Mexican GDP expanded by 0.5% in the fourth quarter, revised lower from the preliminary reading of 0.6%. For the full year, the Mexican economy expanded by 1.2%.