MEXICO CITY – Mexico’s gross domestic product (GDP) grew 1.8 percent in the second quarter, compared to the same period in 2016, the National Institute of Statistics and Geography (INEGI) said Monday.
The increase in GDP was driven by 3.2 percent growth in agriculture and mining and 0.70 percent growth in manufacturing.
The service sector, for its part, contracted 1 percent in the the April-June period, compared to the same period last year, the INEGI said in a statement.
The initial second-quarter GDP numbers reflect a slowdown relative to the first quarter, when Mexico’s economy expanded at a real annualized rate of 2.8 percent.
GDP grew at a 3 percent annualized rate in the second quarter, compared to the same period in 2016, on a seasonally unadjusted basis.
Latin America’s second-largest economy grew 2.3 percent in 2016, thanks to growth in the resources and service sectors.
Mexico’s GDP grew 2.5 percent in 2015, a figure that was above the 2.1 percent growth registered in 2014 and the 1.4 percent figure for 2013.