Weekly Report - 01 August 2013 (WR-13-30)

MEXICO| Sluggish second quarter growth. On 30 July Mexico’s finance ministry (SHCP) said that according to its calculations, economic growth in the second quarter of 2013 was 2.5%, below the SHCP’s expectations. The result brings Mexico’s year-on-year GDP growth rate for the first half of 2013 to 1.65%, much lower than the 4.7% rate posted in the comparable period of 2012.  The SHCP noted that while the latest figures suggest that economic activity in Mexico is experiencing a sustained level of growth, “its dynamism was lower than expected”. It blamed this on the “deteriorating” external environment, noting that global economic growth had been much slower than anticipated; and that volatility in the international financial markets in the second quarter of 2013 had also been higher than expected. In particular it highlighted that industrial production in the US had slowed, economic activity in Europe has remained weak while economic growth in some emerging economies has continued to lose pace.

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