The growth in Latin America’s second-largest economy was mainly driven by the primary sector, which comprises activities such as farming, fishing and mining and expanded 4.9% in the quarter, according to the statistics agency.
Secondary and tertiary activities, respectively covering manufacturing and services, grew 0.9% and 1.1% on a sequential basis.
In annual terms, the economy expanded 1.6 percent compared to a year earlier. The reading was slower than the growth of 2.20% posted in the previous quarter, and marginally above the 1.5% projected in the Reuters poll.
Mexico’s central bank, known as Banxico, lowered its key rate by 25 basis points to 10.25% last week in a unanimous decision, underscoring progress on bringing down core inflation and signaling future rate cuts were possible.
Source: Economy - investing.com
