Mexico's economy unexpectedly contracted in the first quarter.
Mexico's economy shrank by 0.8% in the first quarter, performing worse than expected. The decline was observed across all sectors, with agriculture and industry being hit particularly hard.
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Mexico's economy contracted by 0.8% in the first quarter compared to the previous three months, according to preliminary data released by the national statistics agency INEGI.
The decline was steeper than the expected 0.5% drop and reversed a revised 0.9% growth recorded in the previous quarter.
All sectors of Latin America's second-largest economy saw declines during this period. The sharpest decrease was in the primary sector, which shrank by 1.4%. The secondary sector, which includes industrial production, fell by 1.1%, while the tertiary sector, covering services, decreased by 0.6% compared to the previous quarter.
On an annual basis, growth in the first quarter was just 0.1%, falling short of the anticipated 0.8% increase.