Mexican economy grows 3.0 percent

In the second quarter of 2017, the Mexican economy grew 3.0 percent compared to the same period last year, with seasonally adjusted figures, which confirms the timely estimation of the Gross Domestic Product (GDP) and accumulates 30 quarters with consecutive annual increases. The National Institute of Statistics and Geography (INEGI, for its acronym in Spanish) reported that by components, the GDP of Tertiary Activities rose by 4.1 percent, Primary by 0.9 percent and Secondary by 0.5 percent over the second quarter of 2016. Thus, GDP from April to June of this year, 3.0 percent, was similar to the timely estimate released by INEGI on July 31, with seasonally adjusted figures, and is the biggest increase since the first three months of 2013 and thus linked 30 quarters with annual rate increases. The current estimate of the Ministry of Finance and Public Credit (SHCP, for its acronym in Spanish) for the Mexican economy this year is a growth of 1.5 to 2.5 percent, which was adjusted upward in May from a range of 1.3 to 2.3 percent. NTX/IM/DPC/JCG