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Mexico GDP Growth Beats Expectations at 2.2% in Q2 2024

BitcoinWorld Mexico GDP Growth Beats Expectations at 2.2% in Q2 2024 Mexico’s Gross Domestic Product (GDP) grew 2.2% year-over-year in the second quarter of 2024, surpassing the 1.5% consensus forecast by a significant margin, according to preliminary data released by the National Institute of Statistics and Geography (INEGI).

The stronger-than-expected reading signals resilience in Latin America’s second-largest economy despite persistent global headwinds. What Drove the Surprise Upside? The quarterly expansion was fueled by robust performance across both services and industrial sectors.

Services activity, which accounts for roughly 60% of Mexico’s economic output, posted a 2.4% annual gain, supported by steady domestic consumption and a tight labor market.

Industrial production rose 1.8% year-over-year, aided by nearshoring-related manufacturing investments, particularly in automotive and electronics. Agricultural output was a modest positive contributor, rising 0.6%.

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