Economy 23-11-2018

Mexico's economy grows 2.6% per year

Mexico's Gross Domestic Product (GDP) "increased by 0.8% in real terms", during the third quarter of 2018, compared to the previous quarter of this year, with figures adjusted for seasonality, reported the National Institute of Statistics and Geography (INEGI).

"In its annual comparison, the Gross Domestic Product registered a real increase of 2.6% in the third quarter of the current year in relation to the same period of 2017," said the autonomous body of the State in its quarterly report.

By components, the GDP of tertiary activities (commerce, services, transportation) grew by 0.8%; that of secondary activities (industries and manufactures) by 0.5%, and primary activities (agriculture and fishing) by 0.4% during the quarter from July to September of this year, compared with the previous quarter, June-August 2018 .

"At an annual rate, by large groups of economic activities, the GDP of tertiary activities rose by 3.3%, primary education by 2.3% and secondary education by 1.2%," compared with the Same quarter of the previous year 2017.

The World Bank cut its estimates of annual growth of the Mexican economy to 2.1% in 2018, due to the uncertainty of the commercial renegotiation with North America, which must still be ratified by the congresses of Mexico, the US and Canada in 2019.

The second Latin American economy has been declining in its annual activity in the last three years, growing 2.3% in all of 2017; 2.7% in 2016 and 3.3% in 2015.

Members of the governing board of the central bank warned in their recent meeting of monetary policy of a "high degree of uncertainty" before the economic policies and public spending of the next government of the elected president, Andrés Manuel López Obrador.

The president-elect has promised that the country's economy will grow at a rate of 4% per year, at the end of his term in 2024.

A recent report by the Organization for Economic Cooperation and Development estimates that the country loses in bribes payments up to 10% of its GDP, which represents only "a small part of total corruption," the Center said in a report. OECD for Latin America, presented on October 21.


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