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Weekly Report - 01 September 2016 (WR-16-34)
MEXICO: Downbeat outlook as GDP contracts
Mexico’s economy contracted by 0.3% quarter-on-quarter in the second quarter of 2016, the national statistics institute (Inegi) reported last week. This is the first quarterly contraction posted by Mexico’s economy in the past three years and it has been widely taken as a sign that the tentative economic recovery of Latin America’s second largest economy is now faltering, and that Mexico could once again be entering a period of slowing growth. On the back of Inegi’s latest GDP figures, the finance ministry (SHCP) announced that it was revising down its economic growth forecast for the year from 2.2%-3.2% to 2.0%-2.6%, the second downward revision this year. This comes despite the fact that Inegi’s figures showed that the economy posted 2.5% year-on-year growth in the second quarter.
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