Mexico's economy displays growth in spite of headwinds
Mexico's economy is growing close to 3% despite headwinds such as lower oil prices and federal budget cuts, figures released by statistics agency INEGI show.
In seasonally adjusted terms, the monthly economic activity indicator (IGAE) increased 2.8% in February compared to the same month last year.
Growth in February was led by the labor intensive services sector which advanced a seasonally adjusted 3.9% year-on-year. The agriculture and industrial sectors expanded 3.6% and 0.8%, respectively.
Real GDP growth (not seasonally adjusted) accelerated to 4.1% y-o-y in February and it beat the market consensus forecast of 3.0%.
Goldman Sachs said that factors supporting growth are a competitive exchange rate, strengthening credit and remittance flows, and a steadily improving employment sector. Continuing to present challenges are declining oil production levels, spending cuts at state oil giant Pemex and the federal government, and constrained consumer and business confidence, the US investment bank said.
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