Economy

Despite AMLO's pledges, Mexico's economy declined in October – Aljazeera.com

Published

5 years ago

December 24, 2019

Mexico‘s economy contracted by 0.5 percent in October from September in seasonally adjusted terms, marking a poor start to the fourth quarter after nine months of stagnation, according to figures released Tuesday by the country’s National Institute of Statistics and Geography (INEGI).

The decline in economic output was the biggest since a 0.5 percent contraction in March and the third negative reading in four months, according to INEGI data.

“We started the quarter badly,” Jonathan Heath, one of the five board members of Mexico’s central bank, said on Twitter.

Mexico’s economy has struggled to gain traction under President Andres Manuel Lopez Obrador, who took office in December 2018 pledging to ramp up growth to four percent per year.

Instead, the economy has been flat this year, slipping into a mild recession in the first half of 2019.

A breakdown of the data showed that primary activities, including agriculture, declined by 1.6 percent during October from the previous month, while secondary activities, such as manufacturing, slipped by 1.1 percent. Tertiary activities, which include retail and services, declined by 0.1 percent.

Summing up the latest data, Heath said manufacturing output looked stagnant while construction was going through a “crisis”.

Compared with the same month a year earlier, figures showed economic activity in Mexico, which is Latin America‘s second-largest economy, shrank by 0.8 percent in unadjusted terms in October.

SOURCE:
Reuters news agency

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Economy

September merchandise trade deficit narrows to $1.3 billion: Statistics Canada

Published

24 hours ago

November 5, 2024

Anne Joseph

OTTAWA – Statistics Canada says the country’s merchandise trade deficit narrowed to $1.3 billion in September as imports fell more than exports.

The result compared with a revised deficit of $1.5 billion for August. The initial estimate for August released last month had shown a deficit of $1.1 billion.

Statistics Canada says the results for September came as total exports edged down 0.1 per cent to $63.9 billion.

Exports of metal and non-metallic mineral products fell 5.4 per cent as exports of unwrought gold, silver, and platinum group metals, and their alloys, decreased 15.4 per cent. Exports of energy products dropped 2.6 per cent as lower prices weighed on crude oil exports.

Meanwhile, imports for September fell 0.4 per cent to $65.1 billion as imports of metal and non-metallic mineral products dropped 12.7 per cent.

In volume terms, total exports rose 1.4 per cent in September while total imports were essentially unchanged in September.

This report by The Canadian Press was first published Nov. 5, 2024.

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