August 9, 2019 / 1:44 PM / 3 months ago

UPDATE 1-Mexican industrial production rebounds 1.1% in June

(Adds details from report)

MEXICO CITY, Aug 9 (Reuters) - Mexican industrial output rose by 1.1% in June from the previous month, rebounding from a contraction in May, but activity was considerably weaker than a year earlier, data from the national statistics agency showed on Friday.

The seasonally adjusted rise in industrial output, the second in three months, was driven in part by a 2.5% advance in mining, its highest month-on-month jump since January 2018.

Mexico’s economy has been sluggish, and narrowly avoided a recession in the first half of 2019, according to a preliminary estimate, which showed gross domestic product grew 0.1% between April and June from the prior quarter.

Compared with 2018, Mexican industry has slowed markedly. Output fell in June by 2.9% from the same month last year, the eighth consecutive annual decline. That reflected, in part, a 6.8% dip in construction and a 5.6% contraction in mining.

“The bigger picture is that the sector remains very weak,” Capital Economics analyst Edward Glossop wrote in a report.

Compared with May, construction activity rose 3.1%, production by energy providers and utilities grew 1.1% and manufacturing climbed 0.3%, the statistics agency’s data showed. (Reporting by Noe Torres and Daina Beth Solomon; editing by Jonathan Oatis)

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