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Mexico's president, Claudia Sheinbaum, says the economy is ticking along.
In private, she and her government are more concerned.
Mexico's economy grew by 0.8% in 2025, Ms Sheinbaum's first full year in power.
It was Mexico's worst growth rate since the pandemic and the slowest growth of any large economy in Latin America.
Mexico's monthly labour market survey shows that formal employment contracted.
Investment fell too.
Weak growth is not new for Mexico.
In the past three decades, the economy has expanded by about 2% a year, well below peers like Brazil and Turkey.
Investment has never grown strongly.
The government says a turnaround is underway, that Mexico's woeful 2025 is just a blip.
Vidal Yerenas, an official at the Economy Ministry, says the first year in power is always tricky.
New policies are being designed.
The outgoing government tends to spend in the election year,
leaving the new government short of cash for public investment.
The conditions for a turnaround are bad.