Mexico: Economic growth eases in the second quarter according to definitive data
According to a third release of the data covering expenditure components, growth moderated to 0.9% on a seasonally-adjusted quarter-on-quarter basis in Q2 (Q1: +1.1% s.a. qoq).
The downturn was driven by weakening private consumption, fixed investment and exports. Household spending growth slowed to 1.5% seasonally-adjusted quarter-on-quarter in Q2 from a 3.4% expansion in Q1. Meanwhile, fixed investment growth waned to 2.3% in Q2, from 2.5% recorded in the previous quarter. Public spending picked up to a 1.5% increase in Q2 (Q1: +0.5% s.a. qoq).
Exports of goods and services fell 0.2% on a seasonally-adjusted quarterly basis in the second quarter, which contrasted the first quarter’s 2.3% expansion. Conversely, imports of goods and services growth picked up to 5.0% in Q2 (Q1: +3.2% s.a. qoq).
On an annual basis, economic growth picked up to 2.0% in Q2, from the previous quarter’s 1.8% growth.