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MEXICO CITY (Reuters) – The Mexican economic system unexpectedly shrank by 0.2% in October from the earlier month, because the nation’s faltering restoration from the influence of the COVID-19 pandemic dragged into the fourth quarter, official knowledge confirmed on Friday.
October’s seasonally-adjusted contraction was the third month-on-month decline in financial exercise in a row, figures from nationwide statistics company INEGI confirmed.
A Reuters ballot of analysts had forecast the economic system would develop by 0.8% throughout October following a disappointing third quarter by which gross home product (GDP) shrank by 0.4%.
In comparison with the identical month final yr, the economic system grew in October by 0.3% in seasonally-adjusted phrases. In unadjusted phrases it shrank by 0.7%, the INEGI knowledge confirmed.
Mexican enterprise operations have been disrupted by bottlenecks in worldwide provide chains, which have led to momentary work stoppages in industries together with carmaking, a pillar of the nation’s export-driven manufacturing sector.
However a breakdown of the INEGI figures confirmed the contraction in October was led by weak spot in tertiary actions, which cowl companies, and by major actions, which embody farming, fishing and mining.
Major actions shrank by 1.2% from September, whereas tertiary actions had been down by 0.5%. Against this, secondary actions, which embody manufacturing, rose by 0.6%.
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