MEXICO, Oct 30 (Reuters) – Mexico’s economy slowed in the third quarter from the previous three-month period, a preliminary estimate from national statistics agency INEGI showed on Friday, beating analysts’ expectations.
Gross domestic product in Latin America’s second-largest economy grew 0.9% in the three months through September, down from 1.4% growth in April-June. Economists in a Reuters poll expected a 0.7% increase in the third quarter.
“The slowdown mainly reflects a return to normal levels of activity following an exceptionally strong quarter, rather than a general deterioration in the economy,” said Andres Abadia, chief economist for Latin America at Pantheon Macroeconomics.
The economy was mainly fueled by a 1.1% expansion in so-called tertiary activities, which cover services, and a 0.8% increase in the secondary sector, which includes manufacturing and construction.
Meanwhile, primary activities – which include farming, fishing and mining – declined 0.4% from the prior three-month period.
Compared with the third quarter a year earlier, the Mexican economy grew 3.2%. That is above a 2.5% year-on-year increase expected by economists.
(Reporting by Aida Pelaez-Fernandez and Ricardo Figueroa; Editing by Anthony Esposito)
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