Weekly Report - 22 August 2013 (WR-13-33)

MEXICO | Weak first half results trigger alarms. GDP growth was just 1% in the first six months of the year, much lower than the 4.4% registered in the same period a year earlier, Mexico’s national statistics institute, Inegi, revealed on 20 August. The result was much weaker than expected and it has sparked widespread concern that the Mexican economy is once again losing steam and about to experience a slowdown. Of particular concern is the fact that although Inegi’s GDP figures for the second quarter of the year showed that economic activity had marginally increased, by 0.6%, compared to the previous quarter, the seasonally adjusted figures showed that GDP growth had actually contracted by 0.74% over the period. Technically this means that Mexico’s economy went into recession in the second quarter of the year on seasonally adjusted figures.

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