MEXICO CITY, October 20 (Reuters) – Mexico’s economy likely stagnated in September after two months of expansion, according to a preliminary estimate provided Thursday by the national statistics agency.
The indicator of economic activity (IOAE) recorded no variation compared to the previous month.
For Mexico’s secondary sector, which includes manufacturing activities, no monthly change is also expected in September, while for the tertiary sector, which covers services, a contraction of 0.1% is expected, according to the report.
In August, the indicator, an estimate of the performance of the economy before the publication of the general IGAE index, predicted economic growth of 0.1%.
On an annual basis, Latin America’s second-largest economy likely grew 3.3% in September, according to the statistics agency.
Industrial activity and trade slowed significantly due to weaker U.S. industrial activity and more cautious household consumption amid high levels of inflation, company analysts noted. Mexican company Actinver in a press release.
(Reporting by Noe Torres Editing by Alexandra Hudson)
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