Mexico’s economy experienced 3.1% growth in 2023, driven largely by its industrial activities and the services sector, as reported by the National Institute of Statistics and Geography (INEGI).
This represents a slowdown from the 3.9% growth seen in 2022.
Industrial activities lead with 3.6% growth, services follow at 2.9%, and agriculture at 2.2% for the year.
Citibanamex warns of reduced external demand for Mexico due to projected U.S. economic slowdown, impacting Mexico’s economic dynamics.
The analysis anticipates a slowdown in domestic demand, influenced by softening labor market conditions, high real interest rates, and stabilized public investment.
Looking ahead to 2024, Citibanamex predicts a more modest economic growth of 2.2% for Mexico, with concerns over the U.S. economy’s possible “hard landing” posing risks.
Nonetheless, Mexico could benefit from “nearshoring” trends, where global companies are moving operations closer to their home markets.
Mexican government forecasts 2.5-3.5% economic growth in 2024, reflecting cautious optimism amid global shifts and corporate realignments.
Why this matters:
Mexico’s 2023 performance and 2024 forecasts highlight resilience amid global pressures, emphasizing strategic importance in the supply chain.
The focus on the industrial and service sectors highlights areas of strength and potential for future growth.
2024 cautious optimism, despite challenges, signals Mexico‘s strategic positioning for nearshoring trends, targeting sustainable economic development.
This scenario reflects Mexico’s adaptive strategies for navigating global economic uncertainties, maintaining stability, and fostering growth opportunities.
Key Facts
— Deep Dive
— For the complete picture, read our in-depth guide: Mexico Economy 2026: GDP, Peso, Nearshoring, Banxico and Trade
More: Mexico news in English, every day from The Rio Times.
In depth
This article was produced by The Rio Times’ automated AI newsroom. Editorial responsibility: Matthias Camenzind, Publisher and Editor-in-Chief. The Rio Times also runs Ask Rio Times, which answers from 100,000+ of our own articles, the daily Latin America Power Map, and prediction-market odds on elections and markets.. How we use AI · Report an error