April 11, 2016 / 1:42 PM / 2 years ago

UPDATE 1-Mexico industrial output dips in February on building slump

(Recasts with details on components of industrial production)
    MEXICO CITY, April 11 (Reuters) - Mexican industrial output
dipped less than expected in February as construction contracted
sharply but factory production picked up, data showed on Monday.
    Industrial output fell 0.1 percent from January
in seasonally adjusted terms, the national statistics agency
said, compared to expectations for a 0.35 percent drop in a
Reuters poll.
    Among the components of industrial output, the construction
sector fell 2.5 percent month-on-month after posting a big
increase in January.
    Factory production rose 0.5 percent in February compared to
January. Mexico exports mostly factory goods and it sends nearly
80 percent to the United States. Uneven U.S. demand weighed on
growth in Latin America's No. 2 economy last year.
    Utilities rose by 1.2 percent compared to January while
mining output fell 0.2 percent, all in seasonally adjusted
terms. Oil production rose 0.7 percent in its first
month-on-month increase since September. 
    Mexico has been hit by a decade-long slump in oil production
and a plunge in crude prices has spurred state-run firm Pemex to
cut back on investment plans while also dampening interest in a
landmark opening of the energy sector to private investment.
    Compared with February 2015, industrial output rose 2.6
percent compared to expectations for a 1.35 percent

 (Reporting by Michael O'Boyle; Editing by Meredith Mazzilli)
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