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.
INEGI | Luisa Carvalho | luisa.carvalho@tradingeconomics.com 11/23/2018 3:49:20 PM
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