Mexico’s Economy Rises 0.6% in 2Q25, Services Lead Growth

Mexico’s economy grew 0.6% in the second quarter compared to the previous period, in real terms and with seasonally adjusted figures, according to the National Institute of Statistics and Geography (INEGI).

The final growth figure for April to June was slightly below INEGI’s preliminary estimate of 0.7% and lower than private-sector forecasts compiled by Mexico’s Central Bank (Banxico) earlier this month, which projected a 0.10% contraction.

Despite this minor downward adjustment, annual GDP growth reached 1.2%, matching  INEGI’s preliminary estimate. Analysts from investment firms Skandia and Ve por Más noted that the data confirms Mexico avoided a technical recession, defined as two consecutive quarters of economic contraction.

In the first quarter, the economy expanded 0.3% following a 0.6% decline in the final quarter of last year.

By sector, services posted the strongest performance in the second quarter, growing 0.8% from the previous period. This segment, which includes trade and other service-related activities, accounts for 62.1% of total GDP.

Secondary activities rose 0.7% during the period. These include mining; electricity generation, transmission, distribution, and commercialization; water and natural gas supply; construction; and manufacturing, which together represent 33.7% of GDP.

Primary activities contracted 2.4% in the quarter. This group comprises agriculture, livestock, forestry, fishing, and hunting, contributing 4.2% of GDP.

Overall, GDP for the first half of the year increased 0.9% compared to the same period in 2024, in line with INEGI’s preliminary estimate. However, this marks the weakest first-half performance since the pandemic.