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Mexico's economy grows 2.5 percent in Q3

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Staff Writer |
Mexico
LatAm   Industrial activity grew 1.1 percent

Mexico's economy grew at an annualized rate of 2.5 percent in the third quarter, spurred mainly by the services sector, the National Institute of Statistics and Geography (Inegi) said.

According to the Inegi, the services sector, the largest economic contributor, grew 3.2 percent between July and September, supported by retail sales and financial services.

Industrial activity, which is closely tied to the United States, grew 1.1 percent, partly due to the help from the manufacturing sector.

In accumulated terms, the gross domestic product (GDP) showed a growth of 2.1 percent during the first nine months of the year as compared with the same period last year.

Financial group Scotiabank said in a statement that in spite of the slightly lower numbers, the GDP continued on a favorable trajectory.

"The result was determined by a steady rhythm of activity in the services sector, improvement in agriculture and a slight decline in the industrial sector, which predicts a moderately positive step for the Mexican economy towards the end of the year," it said.

Mexico, the second largest economy in Latin America behind Brazil, grew 2.1 percent in 2017, according to revised figures from Inegi. The Central Bank of Mexico is predicting a growth of 2 to 2.6 percent this year.


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