GDP grew 5.9% annually in the first quarter of 2024: Inegi

Mexico City. The quarterly gross domestic product (GDP) showed an annual increase of 5.9 percent during the first quarter of 2024, reaching more than 32 trillion current pesos, revealed the National Institute of Statistics and Geography (Inegi).

This morning, the Institute presented the preliminary quarterly results of GDP using the income and expenditure method, which allows us to know, in the short term, on the income side, the evolution of payments to production factors, as well as the behavior of final expenditure on goods and services by economic agents (companies, individuals and governments).

According to the report: GDP income and expenditure method for the first quarter of 2024, the GDP of the economy was 32 trillion 70 thousand 699 million current pesos and an increase of 5.9 percent at an annual rate, well below the 33 trillion of the previous quarter and 8 percent annual increase.

In terms of the breakdown, GDP by income method was composed of 39.8 percent of gross operating surplus (12.7 billion pesos); 30.1 percent of wages (9.7 billion pesos); 22.6 percent of gross mixed income (7.2 billion pesos) and 7.8 percent of taxes on production and imports (2.5 billion pesos).

In the January-March quarter of 2024, the main components of GDP by the expenditure method were: final consumption accounted for 83.2 percent; imports of goods and services, 35.8 percent, deducted from GDP; exports of goods and services, 33.5 percent; and gross fixed capital formation, 24.1 percent.

Final consumption totaled 26 trillion 686 thousand 363 million pesos; exports of goods and services, 10.7 trillion; gross fixed capital formation, 7.7 trillion pesos, and changes in inventories by type of asset, acquisitions less disposals of valuable objects, net non-life reinsurance premiums (resources) and non-life reinsurance indemnities (resources), together, totaled 192 thousand 261 million current pesos.

Likewise, of the components that are subtracted from the GDP, imports of goods and services reached a figure of 11.4 billion pesos, and net premiums of non-life reinsurance (uses) and non-life reinsurance (uses) compensations totaled 46 thousand 322 million pesos.