Mexican GDP Growth Beats Expectations in Q3

In the third quarter of 2013, Mexican economy expanded at a faster-than-expected 1.3 percent over a year earlier, as growth in manufacturing accelerated, partially offsetting a slowdown in agricultural production. Last quarter, the GDP advanced an annual 1.6 percent.

The tertiary sector expanded 2.3 percent, down from 2.6 percent in the previous three-month period. Media information services recorded the highest growth rate (5 percent), followed by the retail sector (4.3 percent).  

The primary sector grew 1 percent yoy, boosted by higher agricultural production of sugarcane, orange, apple, mango, wheat and onions. Yet, the agricultural sector slowed from the 3 percent expansion recorded in the previous quarter. 

The secondary sector contracted for the third straight quarter by 0.6 percent, down from a 0.3 percent drop in the June quarter. Construction shrank by 6.9 mining and mining decreased 1.8 percent. In contrast, production of electricity, water and gas supply increased 0.9 percent and manufacturing rose 2.9 percent.
Within manufacturing, production of transport equipment and electronic components increased.

On a quarter over seasonally adjusted basis, the economy rose 0.84 percent, after shrinking by 0.55 percent in the previous quarter. 

Mexican GDP Growth Beats Expectations in Q3

Joana Taborda |
11/21/2013 5:53:57 PM