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Mexican economy grew 2.3% in 2016

Wednesday, February 1, 2017 - 07:25

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Mexico's economy grew by 2.3 per cent in 2016, a better than expected performance but slower than the previous year, government figures released on Tuesday showed.

[MEXICO CITY] Mexico's economy grew by 2.3 per cent in 2016, a better than expected performance but slower than the previous year, government figures released on Tuesday showed.

Growth was 0.2 percentage points higher than what analysts had forecast and within the government's expectations, said the head of the finance ministry's economic planning unit, Luis Madrazo.

The economy expanded by 2.5 per cent in 2015.

The national statistics institute, meanwhile, said the economy slowed to 0.6 per cent growth in the fourth quarter compared to 1.0 per cent in the previous three-month period.

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Donald Trump's victory in the US presidential election in November rocked the peso and raised concerns that his vow to renegotiate the North American Free Trade Agreement could pummel Mexico's economy.

In November, the central bank downgraded its 2017 growth forecast to a range between 1.5-2.5 per cent, compared to 2.0-3.0 per cent in the previous forecast.

Tuesday's estimates are preliminary. Final figures will be released on February 22.

AFP

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