Mexico GDP Growth Slows to 2.5% in Q1
The Mexican economy advanced 2.5 percent year-on-year in the first three months of 2015, slightly down from 2.6 percent in the previous period, but beating market expectations. While mining contracted the most, growth was boosted by construction, retail sales and manufacturing.
5/21/2015 3:46:09 PM
The services sector grew 2.9 percent, up from a 2.2 percent rise in the previous period. Internal trade expanded 4.7 percent (+3.3 percent in the previous quarter) while real estate increased at a slower 1.6 percent (2.1 percent in Q4 2014). Transportation and storage went up 3.0 percent and financial and insurance services rose 1.2 percent (+2.0 percent each in the previous period).
The industrial sector slowed to 1.4 percent (after increasing 1.9 percent in the fourth quarter), driven by a 5.0 percent contraction in mining (-2.3 percent in Q4). In contrast, construction rose at a faster 4.2 (+1.9 percent in Q4), while manufacturing slowed to 2.9 percent (+3.7 percent in Q4).
Agriculture rose at a faster 6.8 percent, from a 3.2 percent expansion in the fourth quarter of 2014.
On a quarter-on-quarter seasonally adjusted basis, the economy advanced 0.4 percent in the first three months of 2015, slightly down from 0.7 percent in the previous period but above market expectations.