MEXICO CITY--Mexico's economic activity expanded more than expected in January, rising 3.2% from a year earlier and recovering from a weak performance in December, according to data reported Monday by the National Statistics Institute, or Inegi.
January's 3.2% increase, which was above the 2.6% median estimate of seven economists polled by Dow Jones, included a 13.4% surge in agricultural production, while services activity rose 3.5% from January 2012 and industrial production rose 1.7%.
The economic activity index, which measures most of gross domestic product, was up 0.2% seasonally adjusted from December, with increases in all three categories.
The numbers show the economy slowing in early 2013 after a 3.9% expansion for all of 2012.
The Bank of Mexico cited concerns about the economic growth outlook in its decision early this month to cut interest rates, saying that most of its board members agreed growth prospects for this year are below 2012.
One board member said that growth in the first quarter could be the weakest since the economy began recovering from a recession in 2009. The central bank lowered the overnight lending rate target to 4% from 4.5% on March 8.
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January's 3.2% increase, which was above the 2.6% median estimate of seven economists polled by Dow Jones, included a 13.4% surge in agricultural production, while services activity rose 3.5% from January 2012 and industrial production rose 1.7%.
The economic activity index, which measures most of gross domestic product, was up 0.2% seasonally adjusted from December, with increases in all three categories.
The numbers show the economy slowing in early 2013 after a 3.9% expansion for all of 2012.
The Bank of Mexico cited concerns about the economic growth outlook in its decision early this month to cut interest rates, saying that most of its board members agreed growth prospects for this year are below 2012.
One board member said that growth in the first quarter could be the weakest since the economy began recovering from a recession in 2009. The central bank lowered the overnight lending rate target to 4% from 4.5% on March 8.
nasdaq.com
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