Mexico’s economy expanded at a slightly slower pace than the preliminary estimate in the second quarter, even as the country benefited from the strength of its trade with the US and its own robust labor market.
Gross domestic product expanded 0.8% from the previous three months, below the 1% median estimate by economists in a Bloomberg survey and the 0.9% preliminary reading reported last month. From the same period a year ago, GDP grew 3.6%, less than the preliminary 3.7% print, according to final data released by Mexico’s national statistics institute Tuesday.
High employment and wage growth have put more money in circulation. Latin America’s second-largest economy has also been helped by US demand for its exports, with the country posting a trade surplus in June amid a fall in the value of oil imports. The recovery of the services sector from its pandemic slump has also been a boon.
Analysts in a Citi survey published last week said that they expected the economy to grow 2.9% this year, up from a forecast of 2% in early June. Economists in a Bloomberg survey in August see Mexico’s growth at the end of the year at 3%. President Andres Manuel Lopez Obrador has sought to finish projects including a train through Mexico’s southeast and a major refinery before the end of his term in 2024, explaining part of the boost in construction in recent months. The unofficial presidential candidate for his party is expected to be announced Sept. 6.
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