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Mexico's economy slows less than expected in third quarter

Reuters
Mexico's economy slows less than expected in third quarter

MEXICO, Oct 30 (Reuters) - Mexico's ‌economy slowed in the third quarter from the previous three-month ​period, ‌a preliminary estimate from national statistics agency ‌INEGI showed on Friday, beating analysts' expectations.

Gross domestic product in Latin America's ‌second-largest economy grew 0.9% in the three months through September, down from 1.4% growth in April-June. Economists in a Reuters ⁠poll expected a 0.7% increase in ‌the third quarter.

"The slowdown ⁠mainly reflects a return to normal levels ​of activity following an exceptionally strong quarter, rather than a general deterioration ​in the economy," said Andres Abadia, ​chief ‌economist for Latin America at Pantheon Macroeconomics.

The ​economy was mainly fueled by ⁠a 1.1% expansion in so-called ‌tertiary activities, ​which cover services, and ​a 0.8% increase in the secondary sector, which includes manufacturing and construction.

Meanwhile, primary activities - which include farming, fishing and ‌mining - declined 0.4% from the prior three-month period.

Compared with the third quarter ‌a ​year earlier, the Mexican economy grew 3.2%. That is above a 2.5% year-on-year increase expected by economists.

(Reporting by Aida Pelaez-Fernandez and ‌Ricardo Figueroa; Editing by Anthony Esposito)