This estimate considers a 5.1% decline in agricultural value added, the HCP specified in its second-quarter 2024 economic update and third-quarter 2024 outlook. It noted that non-agricultural activities would show an annual improvement of 3.9%.

The third quarter will be marked by continued improvement in extractive industries, amidst a continuous drop in international prices of non-metallic minerals, HCP pointed out. 

Tertiary activities are expected to see a noticeable recovery, driven by the sectors of tourism, transport, and business services, the same source added.

The national economic growth is expected to continue relying on the sustained dynamic of domestic demand, HCP said, highlighting that purchasing power would support a 3.2% annual increase in household consumption.