(Reuters) The environment of high volatility due to changes in commercial policy in the United States and the deceleration of aggregate demand caused a moderation in the economy of Mexico, said the Secretary of the Treasury, Edgar Amador, when presenting the report of public finance of the first quarter.
The Secretariat highlighted the moderate, but positive performance of the economy in the first quarter, despite the adverse environment and the volatility caused by changes in commercial policy in the United States, its main commercial partner.
The economy grew surprisingly between January and March by 0.2%, compared to a contraction of 0.6% of the previous quarter, driven by a strong recovery of the primary sector that compensated for a deterioration of industrial activity, according to preliminary desestationalized figures published earlier by the INEGI.
“In the first quarter of 2025, the Mexican economy faced an environment of high volatility, derived from the modifications in commercial policy of the United States,” said the official.
“This context, added to the expected deceleration of aggregate demand has resulted in a moderation of economic activity,” he added.
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In response to a question of a journalist about growth estimation by 2025, the official said that the Treasury maintains the growth range of between 1.5% and 2.3%.
Amador also stated that public finances between January and March showed an “orderly performance”, in line with the tax goals approved for the current year.
The Treasury report explained that the public debt remained in a “sustainable level” of 49.2% of GDP during the first quarter and oil revenues recorded an annual decrease of 13.8% in real terms, by exchange rate, production volumes and natural gas prices.
According to the secretary, economic and fiscal results continue to support the country’s credit qualification.
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