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The Mexican economy was slightly softer than originally recorded, down 0.3 percent sequentially while recording a 1.5 percent rise as compared to the same quarter a year-on-year. The Mexican statistical institute, INEGI, released the first full supply-side GDP result for the third quarter of 2017.
In all, the secondary sector dropped 0.7 percent year-on-year as compared with the original estimate of -0.5 percent. The mining sector was the most subdued amongst the subsectors with a decline of 10.7 percent versus a year earlier. In the meantime, construction activity dropped 1.4 percent in the quarter. But the manufacturing sector was comparatively solid, recording a rise of 3.2 percent in the quarter. Production of transportation equipment, which includes automobile manufacturing, continued to be strong in the quarter with a rise of 10.1 percent year-on-year. In this sector, automobile and truck production rose 14.7 percent.
The tertiary sector was up 2.4 percent, as compared with the initial estimate of 2.5 percent. But the sector still dropped 0.1 percent on a sequential basis.
Meanwhile, the second quarter growth was upwardly revised to a rise of 1.9 percent from a rise of 1.8 percent year-on-year. According to a Wells Fargo research report, the economy is expected to grow 2.1 percent in the whole of 2017. But this signifies that economic activity would be required to rise in the last quarter of the year and grow at least 1.8 percent on year-on-year basis, which at this time is quite uncertain.
Additional uncertainty regarding the future of NAFTA is having its impacts on investment in the nation and this might hamper economic growth further in the last quarter of the year and into next year.
“The fact that automobile production and exports to the United States’ market is the strongest sector of economic activity makes investors wonder what would be the future of this insertion. However, it is not only affecting investment in this sector but in the overall economy”, added Wells Fargo.
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