MEXICO CITY -(Dow Jones)- Mexican industrial output maintained a healthy rate of growth in April, expanding 3.6% from a year earlier with gains in manufacturing and construction offset slightly by lower oil production, the National Statistics Institute, or Inegi, said Monday.
The 3.6% increase from April 2011 was below the 4.5% median estimate in a Dow Jones Newswires survey of eight economists, but above the 3% year-on-year rate registered in March.
Manufacturing rose 4.6% from April 2011, led by record production and exports of cars and light trucks, while construction grew 4.8% and utilities--electricity, water and gas--increased 1.7%.
Mining output was 6.4% higher than a year earlier, although that was offset by a 2.6% drop in oil and gas production. Inegi said industrial production expanded 0.65% from March in seasonally adjusted terms, slower than the 1.56% rate registered in March from February.
Year-to-date through the end of April, the rate of growth slowed to 4.2% from 4.5% through the end of the first quarter.
In its monetary policy statement Friday, the Bank of Mexico attributed Mexico's continued economic growth largely to strong manufacturing exports, adding that while domestic demand continues to perform well, there has been a slowdown in some cases.
The central bank, which held its overnight interest rate target at 4.5%, said that the outlook for economic growth had deteriorated since its previous meeting because of heightened risks for the world economy.
Gross domestic product grew 4.6% in the first quarter, compared with a year earlier.
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The 3.6% increase from April 2011 was below the 4.5% median estimate in a Dow Jones Newswires survey of eight economists, but above the 3% year-on-year rate registered in March.
Manufacturing rose 4.6% from April 2011, led by record production and exports of cars and light trucks, while construction grew 4.8% and utilities--electricity, water and gas--increased 1.7%.
Mining output was 6.4% higher than a year earlier, although that was offset by a 2.6% drop in oil and gas production. Inegi said industrial production expanded 0.65% from March in seasonally adjusted terms, slower than the 1.56% rate registered in March from February.
Year-to-date through the end of April, the rate of growth slowed to 4.2% from 4.5% through the end of the first quarter.
In its monetary policy statement Friday, the Bank of Mexico attributed Mexico's continued economic growth largely to strong manufacturing exports, adding that while domestic demand continues to perform well, there has been a slowdown in some cases.
The central bank, which held its overnight interest rate target at 4.5%, said that the outlook for economic growth had deteriorated since its previous meeting because of heightened risks for the world economy.
Gross domestic product grew 4.6% in the first quarter, compared with a year earlier.
nasdaq.com
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