Mexico Industrial Output Likely Grew 0.8% in July, Survey Shows
Mexico’s industrial production probably grew less than 1 percent for a second straight month in July as Hurricane Emily forced state oil company Petroleos Mexicanos to scale back output.
Industrial output rose 0.8 percent from the year-earlier period after increasing 0.7 percent in June, according to the median estimate in a Bloomberg survey of 11 economists. The government is scheduled to release the July report today at 3:30 p.m. New York time.
The hurricane, which reduced Pemex’s offshore oil output, added to a slowdown in Mexico’s economy that has come as demand from the U.S. has eased. Industrial output in Latin America’s biggest economy averaged 1.5 percent a month in the first half of the year, less than half the 4.2 percent average in the second half of 2004.
“Things are not too great with the economy,'’ said Aryam Vazquez, an economist at Informa Global Markets in New York.
Central bankers last month cut the benchmark lending rate a quarter percentage point from a 29-month high of 9.75 percent in a bid to bolster domestic consumer demand and help offset the slowdown in sales to the U.S., which buys 85 percent of Mexican exports. Vazquez predicted the central bank will cut the benchmark rate to 9 percent by year-end.
More: bloomberg.com
UPDATE 1-Mexico industrial production up 2.1 pct in August
Mexican industrial production rose 2.1 percent in August compared to the same month a year ago, heralding a mild recovery in the dull manufacturing sector which has been dragging the overall economy down.
The median of analysts' forecasts in a Reuters poll had predicted a rise of 2.4 percent in industrial output.
The government said on Wednesday industrial activity in the month grew 0.44 percent compared to July while key manufacturing output increased 2.3 percent in August from a year earlier.
Mexico's industrial output fell an unexpected 1.1 percent in July compared with the year
UPDATE 1-Mexico July industrial output unexpectedly falls
Mexican industrial output fell an unexpected 1.1 percent in July compared to a year ago, the first decline in four months, as manufacturing output was even weaker than forecasts, the government said on Monday.
Key manufacturing output dropped 2.1 percent in July from a year earlier, according to the finance ministry, with weakness evident in the auto industry from declining car and truck demand in the United States.
Analysts in a Reuters poll had expected a median year-on-year increase of about 2.6 percent in July industrial production. Industrial activity in July rose 0.22 percent from June.
The
Mexico Industrial Output Unexpectedly Dropped in July (Update2)
Mexico's industrial production unexpectedly fell in July as Hurricane Emily forced state oil company Petroleos Mexicanos to scale back output.
Industrial output dropped 1.1 percent from the year-earlier period after increasing 0.7 percent in June, a government report showed. Economists had forecast an increase of 0.8 percent in July, according to the median of 11 estimates in a Bloomberg survey.
The hurricane, which reduced Pemex's offshore oil output, added to a slowdown in Mexico's economy that has come as demand from the U.S. has eased. Industrial output in Latin America's biggest economy
Mexico Industrial Output Rose 2.1 Percent in August (Update2)
Mexico's industrial production rose 2.1 percent in August, less than the pace of the nation's economic expansion, a sign that manufacturing is losing its role as the country's main driver of growth.
The increase in output from the same month last year follows a drop of 1.1 percent in July, a government report showed. Economists expected a 2.2 percent increase, according to the median of 19 forecasts in a Bloomberg survey.
The lack of a robust recovery in Mexico's manufacturing sector gives the central bank further incentive to cut rates in
Mexico Industrial Output Probably Rose 3.9 Percent in November
Mexico's industrial output probably grew at its fastest pace in seven months in November, led by a surge in construction and automobile production.
Industrial output rose 3.9 percent in November from the same month last year after increasing 2.6 percent in October and 1.2 percent in September, according to the median of 15 economists surveyed by Bloomberg.
The pickup in industrial production indicates Latin America's second-largest economy is recovering from a slump as it benefits from stronger growth in the U.S., the buyer of about 85 percent of its exports. Industrial
Mexicos economic activity grew 4.4 pct in Feb
Mexicos economy expanded a healthy 4.4 percent in February compared with a year earlier, government data showed on Thursday in the latest sign that growth picked up in the first quarter.
But Februarys year-on-year expansion was not as strong as Januarys 5.7 percent leap and economic output fell 0.61 percent in February from January on a seasonally adjusted basis. But it still set the basis for a solid quarterly GDP growth.
The monthly IGAE index measures about 96 percent of Mexican economic output, excluding only fishing and forestry.
Analysts in a Reuters poll had expected a
Mexico economy grows 3.3 pct in third quarter
Mexico's economy grew 3.3 percent in the third quarter, dragged down by weakness in the manufacturing sector despite strong farm output.
Compared to the second quarter, gross domestic product expanded by a seasonally adjusted 2.15 percent, the government said on Wednesday.
It had predicted third-quarter growth of around 3.5 percent from the same period a year ago, while a Reuters poll of analysts produced a consensus forecast of 3.2 percent growth.
Manufacturing grew only 0.2 percent in the third quarter as sluggishness at factories, including assembly plants that supply the struggling U.S. auto industry, limited
Mexicos economy grew over 5 pct in first quarter
Mexicos economy grew more than 5 percent in the first quarter on a sharp rise in industrial output, the Finance Ministry said on Tuesday.
Its forecast was in line with a central bank estimate last week of 5.2 percent growth in the first three months of the year.
The Finance Ministry also said Mexicos fiscal surplus stood at 51.553 billion pesos in the first quarter, boosted by oil exports, tax collection and the sale of government assets, including its majority stake in airport operator GAP (GAPB.MX: Quote, Profile, Research) (PAC.N: Quote, Profile, Research).
Mexico, Latin
Mexico's Industrial Output Probably Rose 2% in September
Mexico's industrial production probably rose 2 percent in September, the latest evidence that the expansion in Latin America's second-biggest economy is sputtering as export growth to the U.S. slows.
Output growth of 2 percent -- the median estimate of 15 economists surveyed by Bloomberg -- would be down from 2.1 percent in August. It would also mark the fifth straight month in which production growth failed to reach 3 percent. Mexico had average monthly output growth of 3.8 percent last year.
``This economy is not robust,'' Gray Newman, chief Latin American economist at
Mexicos Economy Hits 6-Year High Note
Mexicos economy expanded at the fastest clip in six years in the first three months of 2006, a performance that analysts say could help boost the electoral chances of the ruling conservative party.
The nations economic output grew 5.5% from the January-March period last year, the Treasury Ministry said Wednesday. Construction activity grew at a blistering 8.3% pace, thanks to a government-led housing push, and the factory sector accelerated 7.1% on revved-up auto production. Those are the two main drivers of industrial activity, which expanded 7%. Mexicos service sector also extended its solid run with
