Mexico GDP Expands 1.5% YoY in Q2

In the second quarter of 2013, Mexican GDP grew 1.5 percent year-on-year, up from 0.6 percent in the previous three-month period, but slower from 4.2 percent recorded a year earlier.

The primary sector grew 1.3 percent yoy, recovering from a 0.7 percent contraction in the previous quarter and boosted by higher agricultural production of sugarcane, maize, orange, wheat, lemon, grape, banana, avocado and mango.

The tertiary sector expanded 2.6 percent, up from 1.9 percent in the first three months of 2013. Financial services and insurance recorded the highest growth rate (+6.7 percent), followed by media information services (+5.3 percent) and retail trade (+3.8 percent). Business support services increased 3.7 percent, real estate went up by 2 percent and transportation expanded 1.6 percent.

The secondary sector contracted for the second quarter in a row by 0.6 percent as a result of the declines recorded in construction (-4 percent) and mining (-2.1 percent). In contrast, manufacturing went up by 1.5 percent and production of electricity, water and gas supply increased 0.2 percent. 

On a quarter over quarter basis, the GDP shrank by 0.74 percent.

Mexico GDP Expands 1.5% YoY in Q2

Joana Taborda |
8/20/2013 5:46:58 PM