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May possibly 26 (Reuters) – Mexico’s economy grew 1.% in the 1st quarter from the preceding 3-month period, national statistics agency INEGI mentioned on Friday, matching forecasts from economists in a Reuters poll.

The figures came in slightly beneath preliminary estimates disclosed by INEGI a month ago, when the statistics agency mentioned gross domestic item (GDP) had probably elevated 1.1% in the period on a sequential basis.

Economists had dubbed the preliminary 1st quarter information as “strong,” but noted that a slowdown in the U.S. economy and a tight monetary policy would most likely soften Mexico’s overall performance in the coming quarters.

The quarterly development, according to the agency, was driven by a 1.five% jump in the tertiary or service sector and a .six% enhance in secondary activities, which comprise manufacturing.

Main activities such as farming, forestry, fishing and mining, nonetheless, shrunk by two.eight%.

In annual terms, INEGI added, the economy expanded three.7% in the 1st 3 months of 2023 compared to a year earlier. That was slightly beneath the three.9% development anticipated by the market place and projected by final month’s preliminary information. (Reporting by Gabriel Araujo editing by Steven Grattan and Jason Neely)