MEXICO CITY, March 1 (Xinhua) -- Mexico's economy is advancing at a differentiated pace at the beginning of 2024, with the services and commerce sectors leading the dynamism, the Mexican Institute of Finance Executives (IMEF) said on Friday.

       The IMEF manufacturing indicator decreased by 1.7 points in February compared to the previous month, its largest decline in just under a year, reaching a contraction zone at 49.9 units, the private organization stated in a press release.

       On the other hand, the IMEF non-manufacturing indicator increased by 0.9 points in the second month of the year to 52.9 units, marking its 25th consecutive month of expansion.

       "Based on the above, it is possible to say that the services and commerce sectors continue to lead the economy's dynamism at the beginning of the year," explained the IMEF.

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       Meanwhile, the manufacturing industry, highly dependent on the economic cycles of the United States, could start to show "some weakness" in the first quarter of 2024, the organization added.

       Mexico's economy grew by 3.2 percent in 2023, according to the most recent official figures. The Mexican government estimates its economic growth to be between 2.5 percent and 3.5 percent in 2024.