Analysts expected growth of 0.8% in the quarter, according to a Reuters poll.
The advance was driven by a 4.6% increase in primary activitieswhich include agriculture, fishing and mining, and 0.9% both of the activities secondarywhich encompass manufacturing, like the tertiarywhich cover services.
“Not all that glitters is gold and therefore, while the 1.0% quarter-on-quarter growth suggests a significant acceleration of the economy, we tend to downplay this view,” said Bradesco BBI analyst Bernardo Keiserman.
He added that two factors helped the quarterly growth of Mexican GDP: a positive effect due to the comparison base with the second quarter of 2024 – when the economy expanded 0.2% – and the resumption of payments for social programs after a pause of four months for the June elections.
“We agree with Banxico’s assessment that the economy, in general, is weakening, and we currently forecast quarter-on-quarter growth of 0.3% in the fourth quarter of 2024,” Keiserman said.
At an annual rate, GDP grew 1.5% in the third quarter, although below 2.1% in original figures from the previous period, it was also higher than the 1.2% expected by analysts in the Reuters survey.
The final GDP figures for the third quarter will be published on November 22.
In the third quarter of 2024, and with figures adjusted for seasonality, the Timely Estimate of the #GDP Quarterly it varied 1.0% in real terms, at a quarterly rate.
By economic activity, the quarterly variations were:
⬆️ 4.6%, primaries
⬆️ 0.9%, secondary
⬆️ 0.9%,… pic.twitter.com/qBJ2K9SdXX— INEGI INFORMA (@INEGI_INFORMA)
October 30, 2024