Construction workers ride on a beam hanging from a crane at the construction site of a residential high rise building in Mexico City, June 17, 2022. Mexico's economy barely eked out a 0.1% increase in the fourth quarter, bringing estimated growth for 2023 to 3.1%, according to preliminary figures published Tuesday, Jan. 30. 2024, by Mexico’s National Statistics Institute. (AP Photo/Marco Ugarte, File)MEXICO CITY (AP) — Mexico's economy barely eked out a 0.1% increase in the fourth quarter, bringing estimated growth for 2023 to 3.1%, according to preliminary figures published Tuesday by Mexico’s National Statistics Institute.
The institute said that services advanced 0.1% in the fourth quarter, agricultural output declined by the same amount and manufacturing remained unchanged.
Inflation declined to 4.66% by the end of 2023, but domestic interest rates remained 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.
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