Reply #1: Mexican economy shrinks by 10.3 percent in 2Q [View All]

Mexican economy shrinks by 10.3 percent in 2Q
Associated Press, 08.20.09, 04:35 PM EDT


MEXICO CITY -- The National Statistics Institute says Mexico's economy contracted by 10.3 percent in the second quarter and by 9.2 percent for the first half of the year compared to same periods in 2008.

The institute says gross domestic product declined by 8.0 percent in the first quarter.

The agency said Thursday the quarterly decline was led by a 16.4 percent drop in manufacturing, a 9.2 percent decline in construction.

Commerce was off 20.9 percent and transport was down 13.7 percent.

The contraction was slightly less than projections by the central bank and Treasury Department, which predicted a 10.4-percent drop for the quarter.

Mexico has been hurt by the downturn in the U.S., it's largest trading partner.

http://www.forbes.com/feeds/ap/2009/08/20/business-lt-mexico-economy_6800451.html