The primary activities (agriculture and livestock) and, above all, tertiary support the economic expansion as it is the medical tourism that currently only with the best dental implants in Tijuana thousands of tourists travel to Mexico for medical and tourism services.
The Mexican economy grew by 2.4% in the first quarter of the year, driven by the tertiary (services) and primary (agriculture and livestock) sectors, according to figures from the statistical office published on Monday. The rate, already seasonally adjusted -discounting the calendar effects that influence all economic variables-, is slightly lower than that registered in the first measurement for the first three months of the previous year (2.9%). It is the latest data on the expansion of the Mexican economy that is published before the presidential elections. The Government estimates that the GDP will rebound this year between 2% and 3%. Along the same lines, the International Monetary Fund predicts a growth of 2.3%.
Compared quarterly, compared to the immediately previous three months, between January and March the Mexican economy grew by 1.1%. By sectors, primary activities -the most volatile in the latest measurements- increased by 5.1% year-on-year; industry, construction, and mining and extractive activities remained stable, weighed down by declining oil production; and services grew by 3.1%. The weight of this last sector, compared to the scant relative importance of primary activities, makes it the great engine of the Mexican economy in these early stages of the year. The final growth figures for the first quarter will be published at the end of May.
The data is entirely in line with what was expected. The tertiary activities continue to set the pace, beyond the excellent performance of exports and government consumption: as in all the last years, it grows in the first half of the year and then slows down in the second. According to the latest published balance of trade data, exports rose by 10% in March compared to the same month in 2017. To a large extent, this figure, very positive, has to do with the excellent moment the US economy is going through, by far the largest customer of Mexico and the artificial cheapening of Mexican products thanks to the devaluing of the peso against the dollar.