According to the Mexican Institute of Finance Executives (IMEF), Mexico’s economy is moving at different speeds at the start of 2024, with the services and commerce sectors leading the way. The IMEF reported a 1.7 point decrease in the manufacturing indicator for February, the largest drop in nearly a year, pushing it into contraction territory at 49.9 units.
However, on a positive note, the non-manufacturing indicator saw a 0.9 point increase in February, reaching 52.9 units and marking its 25th straight month of expansion. The IMEF noted that this growth indicates that the services and commerce sectors are still driving the economy’s momentum at the beginning of the year.
The IMEF also warned that the manufacturing industry, which is heavily reliant on the economic cycles of the United States, may experience some weakness in the first quarter of 2024. Mexico’s economy saw a 3.2 percent growth in 2023, as per official data, and the Mexican government is projecting a growth rate of 2.5 percent to 3.5 percent for 2024.
