Mexico's gross domestic product stalled in the three months to June 2019, below a preliminary reading of a 0.1 percent expansion but above an upwardly revised 0.3 percent contraction in the prior period, final figures showed. Agricultural output shrank sharply while services activity recovered and industrial output contracted at a slower pace. GDP Growth Rate in Mexico averaged 0.59 percent from 1993 until 2019, reaching an all time high of 3.20 percent in the third quarter of 2009 and a record low of -5.70 percent in the first quarter of 1995.

GDP Growth Rate in Mexico is expected to be 0.40 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Growth Rate in Mexico to stand at 0.50 in 12 months time. In the long-term, the Mexico GDP Growth Rate is projected to trend around 0.80 percent in 2020, according to our econometric models.

Mexico GDP Growth Rate
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Calendar GMT Actual Previous Consensus TEForecast
2019-04-30 01:00 PM GDP Growth Rate QoQ Prel Q1 -0.2% 0.2% 0.6%
2019-05-24 01:00 PM GDP Growth Rate QoQ Final Q1 -0.2% 0.0% 0.2% -0.2%
2019-07-31 11:00 AM GDP Growth Rate QoQ Prel Q2 0.1% -0.2% -0.1% 0%
2019-08-23 11:00 AM GDP Growth Rate QoQ Final Q2 0% -0.3% 0% 0.1%
2019-10-30 12:00 PM GDP Growth Rate QoQ Prel Q3 0% 0.6%
2019-11-25 12:00 PM GDP Growth Rate QoQ Final Q3 0.6%



Mexico GDP Growth Stalls in Q2

Mexico's gross domestic product stalled in the three months to June 2019, after an upwardly revised 0.3 percent contraction in the previous period, and below a preliminary reading of a 0.1 percent expansion, final figures showed. Agricultural output shrank sharply while services activity recovered and industrial output contracted at a slower pace.

Services expanded 0.2 percent in the second quarter of the year, recovering from a 0.3 percent contraction in the previous quarter and matching an earlier estimate. Output rebounded in transport & storage (1.2 percent vs -0.2 percent); food & accomodation services (1.5 percent vs -0.6 percent); corporate services (0.4 percent vs -2.0 percent); and cultural and sports activities (2.3 percent vs -2.1 percent). Also, output declined less in wholesale trade (-0.6 percent vs -2.3 percent); information & communication (-1.7 percent vs -5.3 percent); and finance & insurance (-0.8 percent vs -0.9 percent). Additionally, retail trade advanced 1.7 percent, faster than a 0.9 percent growth in the first three months of 2019. Meanwhile, output dropped further in professional, scientific and technical services (-3.3 percent vs 1.0 percent); and continued to fall in education (-0.2 percent, the same as Q1). In addition, growth slowed in business services (1.5 percent vs 2.4 percent) and real estate stalled after expanding 0.4 percent in Q1.

The industrial sector shrank 0.2 percent, following a 0.5 percent contraction in the prior period. Mining output dropped 1.1 percent, following a 1.2 percent decline, while manufacturing grew 1.1 percent, after stalling in the first three months of the year. Additionally, output rose 1.6 percent in utilities, rebounding from a 0.4 percent decrease. On the other hand, construction output fell 2.9 percent, after stalling in Q1.

The primary sector contracted 3.4 percent, after a 1.6 percent growth in the first quarter of the year, in line with a preliminary estimate. 

Year-on-year, the economy shrank 0.8 percent in the second quarter of 2019, following a 1.2 percent growth in the previous period and also matching market expectations. It was the first yearly economic contraction since the last quarter of 2019, mainly due to a decline in industrial activity.


INEGI | Stefanie Moya | stefanie.moya@tradingeconomics.com
8/23/2019 12:06:22 PM



Mexico GDP Last Previous Highest Lowest Unit
GDP Growth Rate 0.00 -0.30 3.20 -5.70 percent [+]
GDP Annual Growth Rate -0.80 1.20 9.00 -9.10 percent [+]
GDP 1223.81 1158.07 1314.56 13.04 USD Billion [+]
GDP Constant Prices 18537324.00 18533605.00 18581560.00 9736393.00 MXN Million [+]
Gross Fixed Capital Formation 3693570.00 3668385.00 3838433.00 1475417.00 MXN Million [+]
GDP per capita 10385.30 10297.59 10385.30 3907.49 USD [+]
GDP per capita PPP 18101.90 17949.02 18101.90 13452.23 USD [+]
GDP From Agriculture 617592.06 589837.74 712278.12 326544.91 MXN Million [+]
GDP From Construction 1198286.00 1285555.00 1349535.00 616361.00 MXN Million [+]
GDP From Manufacturing 2960421.00 2918815.00 2967936.00 1579762.00 MXN Million [+]
GDP From Mining 838614.00 862148.00 1339290.00 838614.00 MXN Million [+]
GDP From Public Administration 719268.33 686817.74 747616.63 552862.50 MXN Million [+]
GDP From Services 11766399.20 11529106.46 12148761.14 5606905.89 MXN Million [+]
GDP From Transport 1222085.00 1184326.00 1222308.00 557632.00 MXN Million [+]
GDP From Utilities 278788.00 252954.00 295361.00 93738.00 MXN Million [+]


Mexico GDP Growth Rate

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). This page provides - Mexico GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Mexico GDP Growth Rate - actual data, historical chart and calendar of releases - was last updated on September of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
0.00 -0.30 3.20 -5.70 1993 - 2019 percent Quarterly
SA




Country Last Previous
Indonesia 4.20 Jun/19
South Africa 3.10 Jun/19
United States 2.00 Jun/19
China 1.60 Jun/19
Turkey 1.20 Jun/19
India 1.00 Jun/19
South Korea 1.00 Jun/19
Canada 0.90 Jun/19
Australia 0.50 Jun/19
Netherlands 0.50 Jun/19
Spain 0.50 Jun/19
Brazil 0.40 Jun/19
France 0.30 Jun/19
Japan 0.30 Jun/19
Switzerland 0.30 Jun/19
Euro Area 0.20 Jun/19
Italy 0.00 Jun/19
Mexico 0.00 Jun/19
Saudi Arabia 0.00 Mar/19
Germany -0.10 Jun/19
United Kingdom -0.20 Jun/19
Argentina -0.30 Jun/19
Russia -0.40 Mar/19
Singapore -3.30 Jun/19


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