Mexico's economy grows 0.1% in Q4 and reports 3.1% growth in 2023

MEXICO CITY –

Mexico's economy barely managed 0.1% growth in the fourth quarter, leaving estimated growth for 2023 at 3.1%, according to preliminary figures released Tuesday by Mexico's National Statistics Institute.

The institute said services rose 0.1% in the fourth quarter, agricultural production fell by the same amount and manufacturing was flat.

Inflation fell to 4.66% by the end of 2023, but domestic interest rates remained high at 11.5%. High interest rates at home and abroad increased the cost of servicing Mexico's debt, the Treasury Department acknowledged.

The Mexican peso remained strong on Tuesday at around 17.20 to $1 and the main Mexican Stock Exchange index was slightly higher.