By Ovunc Kutlu
ISTANBUL (AA) - Mexico's gross domestic product (GDP) increased 1% annually with seasonally adjusted series in real terms during the second quarter of this year, according to the country's statistics agency INEGI on Thursday.
The figure came lower than the market expectation of 2.2%. The annual growth rate for the first quarter was revised down to 1.5% from 1.9%.
The North American country's economy expanded 3.2% in 2023.
While primary activities fell 2.5% in the second quarter of 2024, secondary and tertiary activities increased 0.4% and 1.5%, respectively.
In the first half of 2024, GDP rose 1.4% from the same period in 2023, said INEGI.
On a quarterly basis, the GDP increased 0.2% in real terms, compared to the previous quarter, coming in line with market estimates.
Mexico's economy expanded just 0.1% in first quarter of 2024, compared to the previous three-month period.
While primary activities declined 0.2% in the second quarter, secondary and tertiary activities rose 0.3% and 0.1%, respectively, compared to the previous quarter, according to INEGI.