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Mexico's economy grows 0.9% in third quarter, exceeding forecasts

2023-10-31 21:25
Mexico's economy expanded for the eighth consecutive quarter between July and September, driven by domestic consumption and industrial
Mexico's economy grows 0.9% in third quarter, exceeding forecasts

Mexico's economy expanded for the eighth consecutive quarter between July and September, driven by domestic consumption and industrial activity, a preliminary estimate from national statistics agency INEGI showed on Tuesday.

Latin America's second-largest economy posted 0.9% gross domestic product (GDP) growth in the third quarter compared to the previous three-month period, and slightly above the 0.8% expected by economists polled by Reuters.

The quarterly growth, INEGI said, was driven by a 3.2% jump in the primary sector and an increase of 1.4% in secondary activities.

Compared with the same quarter a year earlier, the Mexican economy also grew 3.3%, the statistics agency added, also slighlty above the projected 3.2% growth, continuing the streak of annual growth.

(Reporting by Ricardo Figueroa, Writing by Natalia Siniawski; Editing by Steven Grattan and Nick Zieminski)