Mexico GDP Growth Slows To 3.5% Amid Tertiary Sector Slowdown

RTTNews | 959 days ago
Mexico GDP Growth Slows To 3.5% Amid Tertiary Sector Slowdown

(RTTNews) - Mexican economic growth moderated in the fourth quarter after accelerating in the previous two quarters, largely led by a deceleration in the growth of the tertiary sector, preliminary data from the National Institute of Statistics and Geography, or INEGI, showed on Tuesday.

Gross domestic product advanced an unadjusted 3.5 percent year-over-year in the December quarter, slower than the 4.3 percent rise in the September quarter. That was in line with economists' expectations.

Regarding large economic activities, the primary sector expanded the most, by 6.6 percent annually in the fourth quarter, following only a 3.6 percent increase in the third quarter. 

The annual growth in the tertiary sector softened to 3.4 percent from 4.5 percent. The secondary activity grew at a slightly slower pace of 3.0 percent versus 3.5 percent expansion in the third quarter. 

On a seasonally adjusted basis, GDP advanced 3.6 percent annually in the three months ended December.

Read more: Mexico Trade Surplus Grows To $984 Mln

Quarter-on-quarter, the economic growth was 0.4 percent in the final quarter of 2022, but slower than the previous quarter's 0.9 percent rise. 

In 2022, the Mexican economy grew 3.0 percent compared to 2021. 

The quarterly expansion suggests that the economy held up better than its Latin American peers towards the end of last year, Jason Tuvey, a senior economist at Capital Economics, said.

"But even so, the economy in the midst of a slowdown, which we expect to worsen in the next few quarters," the economist said. "Our GDP growth forecast for this year, of just 0.8 percent, sits below the consensus."

Read more: Mexico Unemployment Rate Steady At 2.8%

read more
Swiss Market Ends On Weak Note

Swiss Market Ends On Weak Note

The Switzerland market closed notably lower on Tuesday, in line with most of the major markets across Europe, as the mood remained cautious ahead of monetary policy announcements from the Federal Reserve and the Bank of England, due on Wednesday and Thursday, respectively.
RTTNews | 2h 41min ago
U.S. Business Inventories Rise 0.2% In July, In Line With Estimates

U.S. Business Inventories Rise 0.2% In July, In Line With Estimates

The Commerce Department released a report on Tuesday showing business inventories in the U.S. increased in line with expectations in the month of July. The report said business inventories rose by 0.2 percent in July, matching the increase seen June as well as economist estimates.
RTTNews | 3h 58min ago
U.S. Homebuilder Confidence Holds Steady In September

U.S. Homebuilder Confidence Holds Steady In September

Homebuilder confidence in the U.S. held steady in the month of September, according to a report released by the National Association of Home Builders on Tuesday. The report said the NAHB/Wells Fargo Housing Market Index came in at 32 in September, unchanged from August. Economists had expected the index to inch up to 33.
RTTNews | 4h 25min ago
U.S. Industrial Production Unexpectedly Inches Slightly Higher In August

U.S. Industrial Production Unexpectedly Inches Slightly Higher In August

Industrial production in the U.S. unexpectedly edged slightly higher in the month of August, according to a report released by the Federal Reserve on Tuesday. The Fed said industrial production crept up by 0.1 percent in August after falling by a downwardly revised 0.4 percent in July. Economists had expected industrial production to slip by 0.1 percent.
RTTNews | 4h 43min ago
U.S. Import Prices Unexpectedly Increase In August

U.S. Import Prices Unexpectedly Increase In August

A report released by the Labor Department on Tuesday showed import prices in the U.S. unexpectedly increased in the month of August. The Labor Department said import prices rose by 0.3 percent in August after inching up by a downwardly revised 0.2 percent in July. Economists had expected import prices to edge down by 0.1 percent.
RTTNews | 4h 59min ago
Canadian Market Drifts Lower In Cautious Trade

Canadian Market Drifts Lower In Cautious Trade

The Canadian market is down in negative territory Tuesday morning, as data showing an increase in the nation's consumer price inflation dimmed the extent of rate cuts this year although the Canadian central bank is widely expected to lower interest rate by 25 basis points on Wednesday.
RTTNews | 5h 25min ago
U.S. Retail Sales Climb 0.6% In August, Much More Than Expected

U.S. Retail Sales Climb 0.6% In August, Much More Than Expected

The Commerce Department released a report on Tuesday showing retail sales in the U.S. rose by much more than expected in the month of August. The report said retail sales climbed by 0.6 percent in August, matching an upwardly revised increase in July. Economists had expected retail sales to inch up by 0.2 percent compared to the 0.5 percent growth originally reported for the previous month.
RTTNews | 6h 26min ago