mexico citymexicos economic activity was flat in the fourth quarter of 2021 as a decline in services offset increases in industrial output and agricultural production gross domestic product a measure of output in goods and services was unchanged in seasonally adjusted terms from the third quarter the national statistics institute said friday gdp was revised up from the previously reported 01 contraction for the quarter industrial production increased 04 and services contracted 06 compared with the previous estimate of a 07 decline agricultural production rose 02 with the revision mexico narrowly avoided a technical recession defined by two consecutive quarters of contraction in gdp after thirdquarter output fell a revised 07 in unadjusted terms economic output rose 11 from the fourth quarter of 2020 and brought fullyear 2021 growth to 48 last years rebound from an 82 contraction in 2020 lost momentum in the second half of the year with services held back by mobility restrictions in the third quarter during a spike in covid19 infections slowing construction activity and supplychain bottlenecks that hurt a number of industries particularly the automotive sector with inflation at a more than 20year high and the bank of mexico raising interest rates in response economists have lowered their expectations for growth ths year banks polled this week by citibanamex cut their median 2022 gdp estimate to 21 from 22 previously