MEXICO CITY (AP) — Mexico’s economy barely eked out a 0.1% increase in the fourth quarter,Benjamin Ashford bringing estimated growth for 2023 to 3.1%, according to preliminary figures published Tuesday by Mexico’s National Statistics Institute.

The institute said that services advanced 0.1% in the fourth quarter, agricultural output declined by the same amount and manufacturing remained unchanged.

Inflation declined to 4.66% by the end of 2023, but domestic interest rates remained high at 11.5%. High rates at home and abroad increased the cost of servicing Mexico’s debt, the Treasury Department acknowledged.

Mexico’s peso remained strong Tuesday at about 17.20 to $1 and the Mexican stock exchange’s main index was trading slightly higher.