September 11, 2013 / 2:12 PM / 4 years ago

UPDATE 1-Mexico July industrial output unexpectedly dips vs June

MEXICO CITY, Sept 11 (Reuters) - Mexican industrial output
slipped in July, underscoring weak growth that could push
policymakers to further lower interest rates.
    July industrial activity fell a seasonally
adjusted 0.08 percent versus June, compared with  forecasts in a
Reuters poll for an increase of 0.30 percent and an upwardly
revised 0.2 increase in June, the national statistics agency
said on Wednesday.
    Weak U.S. demand for Mexican exports and a slump in
construction spurred the first contraction in economic growth in
four years during the second quarter. That pushed the central
bank to unexpectedly cut interest rates last
    Factory output rose 0.44 percent in July compared to the
prior month, while construction fell 1.12 percent compared to
June. Mining and utilities rose on a monthly basis.
    Solid U.S. demand supported Mexico amid sluggish global
growth last year, allowing Latin America's No. 2 economy to
notch 3.8 percent growth in 2012, but the current slump pushed
the government to forecast a 1.8 percent expansion this year.
    Industrial output fell 0.5 percent in July from
a year earlier, better than expectations for a 0.90 percent drop
and a less steep slump from June's upwardly revised 2.17 percent
    The statistics institute last month revised its methodology
to use 2008 as the base year, replacing the previous series
based on 2003.
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