MEXICO CITY—Mexico’s economic activity contracted slightly in 2019 in its weakest showing in a decade as industrial production fell and services slowed.
Gross domestic product, a broad measure of output of goods and services, was unchanged in the fourth quarter from the previous quarter in seasonally adjusted terms, and declined 0.1% for all of 2019, the National Statistics Institute said Thursday.
Sluggish industrial output, especially in construction and oil, falling business investment, and a slowdown in services and employment contributed to the country’s weakest economic performance since the recession of 2009.
GDP grew 2.1% in 2018.
Mexican growth typically weakens the first year of a new administration as the government sets different spending priorities. But investors were discouraged last year when President Andrés Manuel López Obrador canceled a $13 billion Mexico City airport that was already partly built and put a freeze on new oil auctions.
The slowdown in global trade and a decline in U.S. manufacturing output also proved a drag on Mexico’s export-driven economy.
Industrial output fell 1% in the fourth quarter from the third, while services rose 0.3% and agricultural production was up down 0.9%.
Revised fourth-quarter GDP data are due on Feb. 25.
Copyright ©2019 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
2020-01-30 12:59:00Z
https://www.wsj.com/articles/mexicos-economy-contracted-in-2019-11580389181
CAIiEB3HxjBje1aS23UDKiQ-4psqFwgEKg8IACoHCAow1tzJATDnyxUw54IY
Bagikan Berita Ini
0 Response to "Mexico’s Economy Contracted in 2019 - The Wall Street Journal"
Post a Comment