Mexico GDP Growth Rate Revised Down to 2.6% YoY


The Mexican economy advanced 2.6 percent year-on-year in the first three months of 2016, missing preliminary estimates of a 2.9 percent expansion, final figures showed. Yet, first quarter figures compare to a downwardly revised 2.4 percent growth in the last three months of 2015. Services remained the main driver of growth, industrial output accelerated less than expected and agriculture rebounded. On a quarterly basis, the economy expanded 0.8 percent, the same as in earlier estimates.

Services grew 3.7 percent, the same as in the precedent quarter and matching preliminary estimates. Internal trade  grew 3.6 percent (4 percent in the fourth quarter), real estate went up 2.3 percent (2.1 percent in the fourth quarter), transport increased 3.2 percent (3.1 percent in the fourth quarter) and financial and insurance activities jumped 6.8 percent (2.6 percent in the fourth quarter). 

The industrial sector expanded 0.4 percent following a 0.2 percent growth in the previous period missing earçier estimates of a much higher 2.2 percent increase. Biggest gain in the sector was recorded in construction (up 2 percent and rebounding from a 0.5 percent decline in the fourth quarter). Manufacturing went up 1 percent (2 percent in the fourth quarter) and mining shrank for the eighth striaght quarter (-3.3 percent from -4.5 percent).  

The agriculture sector (which also includes livestock, forestry, fishery and hunting) surged 3.1 percent, recovering from a 1.1 percent contraction in the previous period and sightly above preliminary estimates of a 3 percent gain.

Mexico GDP Growth Rate Revised Down to 2.6% YoY


INEGI | Francisco Caeiro | francisco.caeiro@tradingeconomics.com
5/20/2016 6:56:59 PM