Mexico GDP Growth Revised Up to 1.1% QoQ in Q1

The Mexican gross domestic product advanced 1.1 percent on quarter in the first three months of 2018, compared to an upwardly revised first estimate of 0.9 percent and market forecasts of a 0.95 percent rise. It was the strongest expansion since the third quarter of 2016, mainly boosted by gains in services and industry while the agricultural sector grew less.

Services boosted growth, advancing 1.1 percent, slightly below a preliminary reading of 1.2 percent and at the same pace as in the fourth quarter. Meantime, industrial production grew 0.9 percent, compared to an earlier estimate of 0.7 percent and above a revised 0.2 percent gain in Q4. The utilities sector rebounded (0.7 percent vs -0.2 percent in Q4) and construction grew significantly (2.8 percent vs 1.1 percent). On the other hand, manufacturing showed no growth (from 0.4 percent in Q4) and mining and quarrying contracted (-0.9 percent, the same pace as in Q4).

Conversely, the agricultural sector rose 0.9 percent, compared to a preliminary figure of 0.8 percent but well below an upwardly revised 2.8 percent growth in Q4.

Year-on-year, the GDP expanded 1.3 percent, the weakest growth since the last quarter of 2013, above a preliminary figure of 1.2 percent and slowing from a 1.5 percent rise in the previous quarter. It compares with market expectations of 1.35 percent. 

Mexico GDP Growth Revised Up to 1.1% QoQ in Q1

INEGI | Luisa Carvalho |
5/23/2018 1:41:35 PM