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LatinNews Daily - 31 October 2019

In brief: Mexico’s GDP only increases by 0.1% in Q3

* The latest figures from Mexico’s national statistics institute (Inegi) show that during the third three-month-period from July to September the country’s GDP increased by 0.1% compared to the previous quarter. However, when compared to the third quarter of 2018, GDP was down by 0.4% in the third quarter of the year. The low growth in the third quarter was attributed to a 0.1% fall in activity in the secondary (manufacuring) sector, and a stagnation (0% growth) of activity in the tertiary (services) sector, that a 3.5% increase in activity in the primary (agricultural) sector could not compensate for. With the end of the year so close at hand, Mexico will have to battle until the last minute of 2019 not to fall into recession, as the accumulated growth rate in the first nine months of the year is 0%. Financial institutions are already reviewing downward forecasts for the country, like the International Monetary Fund (IMF) which downgraded its economic growth forecast for Mexico from 0.9% to 0.4%.

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