The industrial Gross Domestic Product (GDP) in Mexico registered an annual increase of 0.5 percent in the third quarter of the year. It is the weakest increase in the last 14 quarters (2Q2021), according to SteelOrbis' analysis of data from the national statistics agency Inegi.
The industrial sector in Mexico contributes 31.9 percent of Mexico's total GDP, of which the manufacturing industry contributes 20.8 percent, the construction industry 6.2 percent, the mining industry 3.6 percent and the energy sector (gas, electricity and water) 1.4 percent.
In the third quarter, the greatest economic dynamism in the industrial sector was the energy sector with an annual increase of 2.1 percent, followed by the manufacturing industry with an annual increase of 1.1 percent and construction with 0.6 percent.
In contrast, the mining industry's GDP decreased by 3.4 percent compared to the third quarter of 2023. This is the fifth consecutive quarterly decline.
The 0.5 percent increase in the industrial sector was lower than the 2.2 percent increase in the tertiary sector and below the 1.6 percent increase in the GDP of the Mexican economy. According to SteelOrbis' analysis, the GDP of the Mexican economy was $1.81 trillion.