Mexico GDP Drops Less Than Expected in First Quarter

Mexico’s first-quarter GDP report came in better than the initial estimate, but not by enough to change the weak-growth picture. Output fell from the previous quarter, and every major activity group moved lower. The final data arrive days before Banxico is expected to update its outlook, after already saying the economy had more slack than previously anticipated. The figures also give a clearer read on where the slowdown was concentrated at the start of the year.