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Mexican Economy Picked Up Steam in First Quarter

Wednesday, 23rd of May 2018

A pickup in industrial output and buoyant growth in services and agricultural production kept Mexico’s economy turning over in the first quarter of this year, growing at its fastest pace in a year and a half.

Gross domestic product, a measure of output in goods and services, expanded a seasonally adjusted 1.1% from the fourth quarter of 2017, according to the National Statistics Institute.

Industrial production grew 0.9% from the previous quarter, the most in more than two years, thanks to a rebound in construction and gains in manufacturing.

Services remained the main driver of growth, expanding 1.1% from the previous quarter, supported by increased employment and a slowdown in inflation that has contributed to wage gains in real terms for the first time in more than a year. Agricultural production rose with 0.9%.

The economy has been more resilient than expected considering negotiations with the U.S. and Canada to rewrite the North American Free Trade Agreement.

After slowing sharply to 2% in 2017, Mexico’s economy is expected to grow around 2.3% this year, according to the central bank’s most recent survey of economists.

Source: The Wall Street Journal; https://www.wsj.com/articles/mexican-economy-picked-up-steam-in-first-quarter-1527082664 (24/09/18)


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