Mexico GDP Growth Revised Down to 0.8% QoQ in Q3

The Mexican gross domestic product advanced 0.8 percent on quarter in the three months to September of 2018, less than a preliminary estimate of 0.9 percent and compared to a downwardly revised 0.1 percent contraction in the second quarter. Services and industry grew faster but the agricultural sector rebounded less than initially estimated.

The services sector advanced 0.8 percent, matching the preliminary figure and more than an upwardly revised 0.3 percent rise in the second quarter. Main positive contributions to growth came from: finance and insurance (4.3 percent vs 2.5 percent in Q2); wholesale trade (1.8 percent vs 1.6 percent); retail trade (0.6 percent vs -2.1 percent); transport & storage (0.9 percent vs 0.5 percent); professional, scientific and technical services (0.4 percent vs 0.3 percent); cultural & sports activities (2.2 percent vs 1.0 percent) and food & accomodation services (0.6 percent vs 0.5 percent). On the other hand, output rose at a softer pace in: information & communication (0.4 percent vs 4.8 percent); real estate activities (0.3 percent vs 0.5 percent); business services (1.5 percent vs 2.4 percent) and health & social assistance (0.7 percent vs 1.1 percent). In addition, declines were seen for corporate services (-1.8 percent vs 5.3 percent) and education (-0.4 percent vs -0.6 percent).

Industrial activity grew 0.5 percent, as initially estimates showed, recovering from a 0.3 percent contraction in the previous period. Output increased faster in manufacturing (0.9 percent vs 0.4 percent in Q2) and utilities (1.5 percent vs 0.7 percent) but declined in mining (-1.6 percent vs -0.2 percent) and contruction (-0.1 percent vs -1.8 percent).

The agricultural sector expanded 0.4 percent, below a preliminary reading of 0.8 percent, but reversing from a downwardly revised 1.0 percent decline in the prior month.

Year-on-year, the Mexican economy grew 2.5 percent, slower than a preliminary figure of 2.6 percent and a 2.6 percent rise in the previous quarter.

Mexico GDP Growth Revised Down to 0.8% QoQ in Q3

INEGI | Luisa Carvalho |
11/23/2018 3:49:20 PM