UPDATE 2-Mexico GDP growth picks up slightly in 3rd qtr -statistics agency

viernes 30 de octubre de 2015 16:17 GYT
 

(Adds details on composition of growth)

MEXICO CITY Oct 30 (Reuters) - Mexico's economy expanded at a slightly faster pace in the third quarter as industrial output recovered, the director of economic data at the national statistics institute said on Friday, citing preliminary estimates.

Gross domestic product grew about 0.6 percent in the third quarter compared to the previous quarter, Arturo Blancas told reporters at an event that introduced a new series of preliminary estimates for GDP.

Latin America's No. 2 economy posted quarterly growth of 0.5 percent in the April to June period, according to previously reported data.

Industry likely expanded by 0.7 percent in the third quarter compared to the second, Blancas said. Industrial growth stalled in second quarter, hit by weak demand for exports in the United States and a slump in oil output.

If borne out in final data for the quarter due to be released on Nov. 20, the industrial sector will have posted its fastest expansion since the second quarter of 2014.

Services rose 0.5 percent, quarter-on-quarter, in the July to September period, down from 0.9 percent in the second quarter.

Blancas said the economy likely expanded 2.4 percent in the third quarter compared to the same quarter a year earlier. Previously reported data showed the economy posted an annual rate of 2.2 percent in the second quarter.

Economists have dialed back their 2015 economic growth forecasts to 2.22 percent from more than 3 percent early this year, according to a poll from Banamex last week.

On Thursday, the central bank said the outlook for growth had worsened since its last policy meeting in September. (Reporting by Luis Rojas; Editing by Tom Brown)