September 11, 2017 / 1:46 PM / 10 months ago

Mexico's industrial output posts biggest drop in more than two years

MEXICO CITY (Reuters) - Mexican industrial output unexpectedly sank in July, marking its worst performance in more than two years, on sharp contractions in building and mining, official data showed on Monday.

A construction site, where a hotel is being built, is seen in Ciudad Juarez, Mexico May 22, 2017. REUTERS/Jose Luis Gonzalez

Industrial production fell 1.0 percent in July from June MXIP=ECI in its biggest monthly drop since May 2015, the national statistics agency said. A Reuters poll forecast a 0.1 percent expansion after flat growth in June.

Among the various components, mining output was down 1.4 percent on a month-on-month basis, while construction shrank 2.1 percent and utilities dipped 0.3 percent. Factory production rose 0.3 percent.

Mexico’s government revised up slightly its 2017 growth forecast to between 2.0 percent and 2.6 percent when it submitted its 2018 budget on Friday after stronger-than-expected growth in the first half of the year.

Industrial output was 1.6 percent lower year-over-year MXIPY=ECI.

Reporting by Michael O'Boyle; Editing by Paul Simao

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