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Mexican economy grows 1.1% in August from July, recovery slows

Credit: REUTERS/ALAN ORTEGA AVILA

Mexico's economy grew 1.1% in August from July, below a Reuters forecast for a 1.9% increase, as the economic recovery from the coronavirus pandemic slowed, data published by the national statistics agency showed on Monday.

Adds details from national statistics agency

MEXICO CITY, Oct 26 (Reuters) - Mexico's economy grew 1.1% in August from July, below a Reuters forecast for a 1.9% increase, as the economic recovery from the coronavirus pandemic slowed, data published by the national statistics agency showed on Monday.

The economy contracted 9.4% from August of 2019, according to the INEGI statistics agency. That compares to estimates for an 8.2% contraction.

A breakdown of the seasonally adjusted monthly data for August showed that primary activities, such as farming, fishing and mining, fell 5.9% from July. While secondary activities, which include manufacturing, rose 3.3% and tertiary activities, which cover the services sector, increased 0.4%.

Economists forecast Mexico's economy will suffer its steepest recession since the Great Depression of the 1930s.

(Reporting by Anthony Esposito Editing by Chizu Nomiyama)

((anthony.esposito@tr.com; +5255 5282 7140;))

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