News ID: 239453
Published: 1127 GMT February 26, 2019

Mexican economy sees 2% growth in 2018

Mexican economy sees 2% growth in 2018

Mexico's economy grew two percent in 2018, sustained by a strong services sector, according to preliminary figures published on Monday by the National Institute of Statistics and Geography (Inegi).

The figure was similar to 2017 when Mexico's gross domestic product (GDP) expanded 2.1 percent despite a contraction in industrial activity with links to the US economy, the Inegi said, Xinhua wrote.

The services sector contributed the most to GDP with an increase of 2.8 percent last year, compared with 2.4 percent for the agricultural sector and a scant 0.2 percent for industrial activity.

Mexico's economy slowed down more than expected in the fourth quarter, growing at a rate of 1.7 percent, slightly lower than the growth forecast of 1.8 percent.

The economic growth of the second largest Latin American country slowed down due to a general global slowdown in production and the transition of power at home, with a new government taking office on Dec. 1, a factor that dampened investment, at least initially.

Mexico's economy relies heavily on the health of the US economy, its main trading partner.

The government has forecast growth of between 1.5 percent and 2.5 percent for 2019.

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