The indicator for GDP seasonally adjusted showed an advance of 0.70% during Q1 2017, as compared to Q4 2016. Annually compared, it also rose 2.6% in the Jan-Mar period in relation to last year’s period. These statistics were provided by INEGI, the Mexican National Institute for all the Geographic and Statistic Information.
In the Q1 2017 period analyzed, the primary economic activities (agriculture, farming, afforestation, fishing and hunting) increased in real terms a 1.1%; tertiary activities increased a whole 1%; the secondary sector (mining, oil, power generation, distribution, and relay, manufacturing, construction, as well as gas and water supply) had a modest increase of 0.1% as compared to Q1 2016.
For the analyzed indicator having 2.6%, the primary sector’s GDP rose a 6.3% between January and March in 2017, in relation to 2016. The secondary’s GDP decreased a 1.1%, according to INEGI’s report.
Revisions on the rise with higher inflation and a booming Tourism
The GDP’s increased was reported to be 2.7% during this year’s first trimester, reported as an advance, at a 2.8% in recent estimates considering the original numbers. These percentages beat the market’s positives estimates (currency, financial and stock markets) of 2.7%, thus consolidating a favorable change in the country’s growth for 2017 and 2018.
The improvement of the estimations comes as a result of a revision in the industrial sector’s evolution, a local news media published. From a 0.2% of real annual growth, the revision reported a 0.5% growth. This increase was particularly pushed by manufacturing with 4.8%, and a sensible improvement in construction performance of 1.5%.
According to what the Bank of Mexico reported in a survey, private observers (bankers, professors, business owners, trading platform leaders) raised to 5.7% the prognosis of Mexico’s inflation for the end of the present year. They also raised to 1.7% their estimation for the added profit economy growth.
On a separate note, by the beginning of May, INEGI informed that Mexico’s tourist sector had a 3.5% advance during last year. This increase took Tourism to its second year in a row having numbers to surpass national GDP, which increased 2.2%.
Enrique de la Madrid, current Secretary for Tourism in Mexico, declared that the advance showed in this sector was a spur to increase and improve the arrival of tourist and of international currency to the country.