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Mexico economy posts fastest quarterly growth in two years

A farmworker picks strawberries at a farm in the town of San Quintin, Baja California March 25, 2015. REUTERS/Rafael Blancas

Mexico’s gross domestic product grew by 1.0 percent in the third quarter compared with the prior quarter MXGDPQ=ECI, according to seasonally adjusted data from Mexico’s statistics agency, in-line with estimates in a Reuters poll.

It was the fastest quarterly expansion since the second quarter of 2014.

The industrial sector grew 0.1 percent from the April-June period. Weak demand in the United States for Mexican-made goods has weighed on Latin America’s second biggest economy.

Mexico’s agricultural sector grew 2.0 percent, the data showed, while services grew 1.4 percent, the fastest quarterly expansion since the third quarter of 2011.

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Upwardly revised quarter-on-quarter data showed the economy grew a slight 0.1 percent in the second quarter compared with a previously reported contraction.

In annual terms, the economy grew 2.0 percent compared with the same period last year MXGDPY=ECI, in line with forecasts.

(Reporting by Michael O’Boyle; Editing by Chizu Nomiyama and W Simon)