Mexico’s economy grew 0.4% in April compared to the previous month, and 2.6% in annual terms, according to preliminary data published by the national statistics agency INEGI on Thursday.

INEGI said that final data is expected to show annual growth of 1.7% in the secondary sector, which includes manufacturing, mining and construction, and 2.8% in the tertiary or services sector, which includes a range of business from commercial businesses to transport and the health sector. INEGI didn’t provide preliminary data for the primary sector.

In addition to providing a “nowcast” prediction of 2.6% annual growth in April, INEGI offered low-end and high-end forecasts of 1.7% and 3.5%, respectively.

The 0.4% month-over-month growth comes after a 0.1% decline in economic activity in March. INEGI published preliminary data in late April that showed that the economy grew 1.1% in the first quarter of 2023 compared to the previous three months and 3.8% in annual terms.

Mexico recorded GDP growth of 3.1% in 2022, while the federal Finance Ministry is forecasting a similar expansion of 3% this year.

The International Monetary Fund is less optimistic, predicting in its most recent World Economic Outlook report that Mexico’s economy will grow by just 1.8% in 2023.

With reports from El Economista and Sin Embargo