MEXICO CITY, Sept 11 (Reuters) - Mexican industrial production bounced back in July, led by manufacturing, which grew at its fastest pace in six months as the economy picks up some speed after a weak start to the year.
Industrial activity rose 0.3 percent in July compared with June, the national statistics agency said on Thursday.
The figure was below expectations for a 0.5 percent increase in a Reuters poll as a dip in construction and mining hurt growth, but it was up from a 0.2 percent contraction in June.
The economy is seen growing around 2.5 percent in 2014 after a slump in U.S. growth early this year hit demand for Mexican exports while new taxes weighed on domestic demand. Second quarter growth was just above expectations.
Factory output, a component of industrial output, rose 1.3 percent in July compared with the prior month, its strongest rate since January. Mexico sends nearly 80 percent of its exports, which are mostly factory goods, to the United States.
The component measuring the construction industry, which contracted sharply last year, dipped 0.1 percent, underscoring persistent weakness in the domestic economy.
Utilities output rose 0.3 compared to the prior month, while mining shrank 0.3 percent amid a slump in oil production.
Industrial output rose 2.1 percent in July from a year earlier, compared with expectations for a 2.3 percent increase and June's 2.0 percent annual growth rate.
yahoo.com
Industrial activity rose 0.3 percent in July compared with June, the national statistics agency said on Thursday.
The figure was below expectations for a 0.5 percent increase in a Reuters poll as a dip in construction and mining hurt growth, but it was up from a 0.2 percent contraction in June.
The economy is seen growing around 2.5 percent in 2014 after a slump in U.S. growth early this year hit demand for Mexican exports while new taxes weighed on domestic demand. Second quarter growth was just above expectations.
Factory output, a component of industrial output, rose 1.3 percent in July compared with the prior month, its strongest rate since January. Mexico sends nearly 80 percent of its exports, which are mostly factory goods, to the United States.
The component measuring the construction industry, which contracted sharply last year, dipped 0.1 percent, underscoring persistent weakness in the domestic economy.
Utilities output rose 0.3 compared to the prior month, while mining shrank 0.3 percent amid a slump in oil production.
Industrial output rose 2.1 percent in July from a year earlier, compared with expectations for a 2.3 percent increase and June's 2.0 percent annual growth rate.
yahoo.com
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