Mexican GDP grows 2.7% in the third quarter, its best rate in more than one year

Tertiary activities propelled the Mexican economy during the third quarter of this year. The Gross Domestic Product (GDP) grew 2.7% during in the July-September period, compared to last year, INEGI most recent data shows.

This growth represents the best performance in the last 5 quarters. The growth performance during the 3Q18 is 0.9% higher than the previous quarter.

The GDP growth was led by the tertiary activities, especially services and retail. This segment grew 3.4% from last year. This section of the economy represents 63% of the national GDP.

Meanwhile, secondary activities – which includes manufacturing – grew 1.1%. This sector represents 30% of the Mexican economy. Also, primary activities, increased 2.2%, if compared to last year.

The private sector in Mexico forecasts a 2.2% GDP growth during the first year of president-elect Andres Manuel Lopez Obrador. This growth will be led by the tertiary activities, according to a recent survey released by Banco de Mexico (Banxico).

Nancy Gonzalez/MexicoNow

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