Mexican Economy Rebounds After December Dip

Monday, 25 Mar 2013 12:07 PM

 

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MEXICO CITY Mexico's economic activity revived in January, easing fears that the global slowdown is dragging on Latin America's second biggest economy.
 
Official data on Monday showed annual economic activity grew 3.24 percent in the 12 months through January, outstripping the 1.42 percent expansion in the prior month.
 
Consumer spending has helped buoy the Mexican economy and to shelter it from weaker global growth.
 
Still, the government has projected Mexico's economy will expand 3.5 percent in 2013, down from 3.9 percent in 2012.
 
On a monthly basis, economic activity expanded by 0.20 percent in January, after December's upwardly revised contraction of 0.97 percent.
 
The central bank cut interest rates to a record low of 4 percent earlier this month, citing concerns about weakening economic growth.
 
In minutes released on Friday, most policymakers saw a weak global environment and expressed concern about a slow recovery north of the border, the destination for almost 80 percent of Mexico's exports. U.S. demand for manufactured goods supported growth last year.

© 2014 Thomson/Reuters. All rights reserved.

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