Mexican Industrial Production Unchanged in March From February

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The FINANCIAL — Mexico’s industrial production was unchanged in March from February as a rebound in construction after a slow start to the year offset lower oil production and a drop in manufacturing output, the National Statistics Institute said on May 12, according to Nasdaq.

March production was up 1.7% from a year-before, below the 2% median estimate of 11 economists polled by the Wall Street Journal. That brought industrial output growth to 1.4% in the first quarter, down from the 2.4% in the fourth quarter of 2014.

Construction activity increased 3% seasonally adjusted from February, and was up 5.2% from a year earlier. Construction fell in the first two months of the year, interrupting a year-long recovery from a recession.

March manufacturing fell 1% from February, but was up 3.1% from a year before. The manufacturing industry is closely tied to the U.S. economy, which expanded just 0.2% in the first quarter and is expected by a number of economists to be revised down into negative numbers.

Mexico’s statistics institute is scheduled to report first-quarter gross domestic product on May 21. GDP is expected to have grown 2.6% from a year before, according to the Bank of Mexico’s April survey of private economists.

 

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