November 23, 2018 / 3:01 PM / 5 months ago

Mexico third-quarter growth slightly below first estimate

A general view shows assembly factories at an industrial zone in Tijuana, Mexico, April 12, 2017. REUTERS/Jorge Duenes

MEXICO CITY (Reuters) - Mexico’s economy grew 0.8 percent in the third quarter from the previous three-month period in seasonally-adjusted terms, one tenth of a percentage point less than a preliminary estimate, data from the national statistics agency showed on Friday.

In unadjusted terms, Latin America’s second-biggest economy expanded by 2.5 percent compared with a year earlier, which was also one tenth of a point less than a preliminary estimate published on Oct. 30, data from the agency showed.

The statistics agency had initially estimated quarterly growth at 0.9 percent during the third quarter.

A breakdown of the unadjusted data showed that growth during the July-September period was powered by robust expansion in tertiary activities such as retail and services.

Tertiary activities grew by 3.2 percent in real terms from the same period last year, the data showed.

Primary activities, including agriculture, were up by 2.2 percent year-on-year during the quarter, while secondary activities, including manufacturing, mining and construction, advanced by 1.1 percent, the agency’s data showed.

The quarterly growth, which was the strongest since the fourth quarter of 2017, compared with a slight contraction in the second quarter, data for which were revised up a notch.

The economy contracted 0.1 percent in the second quarter, not 0.2 percent as the agency had previously reported.

Writing by Dave Graham; Editing by Susan Thomas

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