Mexico’s economy ekes out 0.1% expansion in 4th quarter, posts growth of 3.1% for 2023

MEXICO CITY (AP) — Preliminary figures from Mexico’s National Statistics Institute show the country’s economy barely eked out a 0.1% increase in the fourth quarter, bringing estimated growth for 2023 to 3.1%. Services advanced 0.1% in the fourth quarter while agricultural output declined by the same amount. Manufacturing remained unchanged. Inflation declined to 4.66% by the end of 2023, but domestic interest rates remain high at 11.5%. High rates at home and abroad increased the cost of servicing Mexico’s debt, the Treasury Department acknowledged. Mexico’s peso remained strong Tuesday at about 17.20 to $1 and the Mexican stock exchange’s main index was trading slightly higher.