mexican economy shrinks in quarter of quakes
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Mexican economy shrinks in quarter of quakes

Arab Today, arab today

Arab Today, arab today Mexican economy shrinks in quarter of quakes

Batttered by earthquakes Mexico's economy shrank.
Mexico City - Arab Today

Mexico's economy shrank for the first time in more than four years in the third quarter, hit by two powerful earthquakes in September, according to data released Tuesday.

If confirmed, the preliminary estimate of a 0.2-percent contraction would be the first quarter in the red for Latin America's second-largest economy since the second quarter of 2013.

It has been a topsy-turvy year for Mexico, which faced economic panic a year ago when Donald Trump won the US presidential election after a campaign charged with anti-Mexican rhetoric, raising fears for the country's key trade relationship with its giant northern neighbor.

Mexico shrugged off fears of catastrophe to post three quarters of moderate growth -- 0.7 percent in both the fourth quarter of 2016 and the first of 2017, and 0.6 percent in the second.

In late August, the central bank increased its annual growth forecast for 2017 to a range of 2.0 to 2.5 percent, up from its previous estimate of 1.5 to 2.5 percent.

But the peso, which plunged after Trump's victory, has been sinking again on uncertainty surrounding the testy negotiations on a new version of the North American Free Trade Agreement (NAFTA) between Mexico, the United States and Canada.

Then came the earthquakes that rocked the country on September 7 and 19, leaving 465 people dead and causing an estimated $2 billion in damage.

Coupled with several hurricanes and tropical storms, that dented economic growth.

Mexican officials have nevertheless voiced optimism that rebuilding from the quakes will give the economy a boost.

"Although some activities in the affected zones are still recovering, reconstruction efforts will be a significant boost to the dynamism of the economy in these regions," the finance ministry said Monday.

The economy's performance "was weaker than expected," said consulting firm Capital Economics in a note.

"But the data are provisional and are perhaps more likely than usual to be revised given the disruption caused by the twin earthquakes that struck in September."

Source: AFP

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

mexican economy shrinks in quarter of quakes mexican economy shrinks in quarter of quakes

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

mexican economy shrinks in quarter of quakes mexican economy shrinks in quarter of quakes

 



GMT 20:53 2018 Monday ,22 October

PM Imran Khan to leave for Saudi Arabia today

GMT 08:20 2018 Tuesday ,16 January

Lamborghini races to new sales record

GMT 00:19 2017 Wednesday ,13 December

Switzerland chainsaw attack: 5 hurt in Schaffhausen

GMT 09:51 2017 Tuesday ,07 November

Broadcom makes $130 bn mega-bid

GMT 20:53 2017 Tuesday ,07 March

Syrian forces retake Aleppo water-pumping station

GMT 11:15 2017 Monday ,01 May

Hanan Metawe reveals details of her accident

GMT 03:07 2017 Monday ,27 March

Bulgaria's Borisov bounces back again

GMT 22:18 2017 Thursday ,16 November

Hariri to arrive in France Saturday to meet Macron

GMT 06:43 2017 Monday ,13 February

Pakistan retaliates after US denies politician visa

GMT 07:49 2017 Tuesday ,28 November

Hussein Fahmy underlines financial sources
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday