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Mexico's GDP contracts 0.3% in the third quarter of 2017

Mexico's gross domestic product (GDP) contracted 0.3% in the third quarter of 2017 compared to the April-June period, according to figures adjusted for seasonality and disclosed today by the National Institute of Statistics and Geography (INEGI).

Mexico, Nov 24 (EFE) .- Mexico's gross domestic product (GDP) contracted 0.3% in the third quarter of 2017 compared to the April-June period, according to figures adjusted for seasonality and disclosed today by the National Institute of Statistics and Geography (Inegi).

In the third quarter, primary activities advanced 0.5%, while secondary activities fell by 0.6% and tertiaries by 0.1%, according to seasonally adjusted figures (without seasonal factors), the agency said in a statement.

In original figures, GDP increased by 1.5% in the third quarter of 2017 compared to the same period of the previous year.

GDP growth was driven by increases in the tertiary (2.4%) and primary (0.9%) sectors against a decrease in secondary (0.7%) compared to the period July-September 2016.

In the second quarter, Mexico's GDP grew 1.9%, so the result of the period July-September (1.5%) represents a slowdown in economic performance.

This final GDP result means a decrease of 0.1 percentage points compared to the preliminary figure published on October 31, which reported an economic growth of 1.6% in the third quarter of the year.

In the period January-September of this year, GDP increased by 2.2% compared to same period of 2016.

The Ministry of Finance indicated in a bulletin that the data released today reflect "the temporary impact of natural disasters, particularly in the sectors of oil and services, which has already vanished. "

Therefore, it announced that it maintains its growth forecast for the country between 2% and 2.6% in 2017." The available results continue reflecting a resilient Mexican economy in a context of high volatility and uncertainty, "he said.

According to the Inegi, between July and September, in the tertiary sector, Advances in business support services (8.6%), financial and insurance services (8.2%), information in mass media (6.2%) and temporary accommodation services and beverage preparation (5.5%).

In the secondary sector only manufacturing industries grew (3.2%), and lost the other three components.

Mining fell by 10, non-oil production of 12.2% and oil of 6.3% -, construction lost 1.4%, while the generation, transmission and distribution of electricity, water supply and gas fell 0.6%.

The Inegi also announced today that the Global Indicator of Economic Activity (IGAE), which shows the trend of the Mexican economy in the short term, it grew by 0.5% last September compared to the same month of 2016, according to original figures.

The GDP of the largest Latin American economy after Brazil increased 2.9% in 2016 -a figure that was adjusted upwards after the 2.3 previously reported-, a figure greater than 2.6% in 2015 and 2.1% in 2014.

Banco de México (Banxico) expectation of expansion of the GDP of the country for this year, when passing it from a range of between 2.0 and 2.5% to one of between 1.8 and 2.3%, due to the earthquakes of last September.

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