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Mexican economic growth unlikely to have expanded strongly in Q3

In the second quarter of this year, the Mexican economy had expanded just 1.8 percent on a year-on-year basis. The services sector was resilient; however, in the primary sector, growth had decelerated considerably in the June quarter. Moreover, growth in the secondary sector continued to be lackluster because of contractions in construction, mining and utilities production. The manufacturing sector continued to grow in the second quarter, albeit at a modest rate.

Assuming that the economic activity index is a significant proxy for the overall real GDP growth, the Mexican economy is then expected to have begun the third quarter on a weak note as the index was up just 1 percent year-on-year, stated Wells Fargo in a research report. Furthermore, the retail spending data and the economic activity index for the month of August is set to be released this week.

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