Photo: Mexican Economy
Mexico’s gross domestic product expanded 1.1 percent in 2013, below the official forecast of 1.3 percent growth and the smallest annual gain since the global recession of 2009, the National Statistics Institute, or Inegi, said Friday.
In the fourth quarter of last year, the country’s GDP rose 0.7 percent in real terms compared to the same three-month period of 2012.
Both figures were lower than the numbers released Jan. 30 by the Finance and Public Credit Secretariat, which saw Mexico’s economy having grown 1.3 percent in 2013 and 1.5 percent in the fourth quarter of that year.
Inegi’s data, which diverged widely from all official forecasts, showed that Mexico’s economy slowed sharply in the fourth quarter relative to the previous three-month period, when GDP expanded 1.4 percent.
The Finance Secretariat had said in its January report that Mexico’s economy continued to recover in the fourth quarter after having slowed in the first quarter, but Inegi contradicted those findings.
The services sector grew 2.1 percent last year relative to 2012 and agriculture, fishing and forestry expanded by 0.3 percent, but extraction and manufacturing contracted by 0.7 percent, Inegi said.
Mexico’s fourth-quarter GDP growth compared to the previous quarter came in at just 0.18 percent, the institute said.
Latin America’s second-largest economy expanded 3.9 percent in 2012 compared to the previous year, and Mexico’s government is forecasting a return to that pace of growth in 2014.