During the third quarter, economic weakness was confirmed, complicating the government's growth targets with a contraction in Gross Domestic Product (GDP) of 0.3% both year-over-year and quarter-over-quarter. Data published this morning by INEGI reveal the fragility of the industrial sector, combined with the stagnation of services, pointing to a GDP growth for the end of the year far below the 1.8% estimated by the Ministry of Finance and Public Credit (SHCP) at its lower range. During this period, the secondary or industrial sector is the one explaining the GDP contraction, with a fall of 3% compared to last year and 1.5% compared to the immediate previous quarter. These declines failed to offset the 3% increase compared to the third quarter of 2024 and the slight advance of 0.9% that the primary or agricultural sector had compared to the second quarter of this year. Meanwhile, services, another of the most important engines for the economy, reveal the challenges for the internal market with an advance of only 0.9% compared to last year and 0.1% compared to the previous quarter.
