Gross domestic product of Mexico fell by 0.6% in 4th quarter of 2024.

The economy of Mexico shrank in the last quarter of 2024, marking the first quarterly contraction in three years, the national statistics agency INEGI reported in a preliminary estimate on Thursday.

The gross domestic product (GDP) of the country decreased by 0.6% in the fourth quarter of the last year, compared to the same period of 2023.

The market expectation for the period was a decline of 0.2%.

According to INEGI, an 8.9% quarterly decline in the primary sector, which includes farming, fishing, and mining, drove the decline while secondary or manufacturing activities fell by 1.2%.

On a yearly average, however, Latin America’s second-largest economy grew by 1.3% in 2024 compared to the previous year.