MEXICO CITY, July 29 Reuters Mexico39;s economy expanded 1 between April and June from the prior three month period, beating forecasts and marking the third consecutive quarter of growth, a preliminary estimate from national statistics agency INEGI showed on Friday.
Gross domestic product GDP was expected to have grown 0.8 in seasonallyadjusted terms in the second quarter, a Reuters poll of analysts found earlier this week.
A breakdown of the GDP figures showed a 1 quarterly jump in the tertiary sector, which covers services, as tourism continued to fuel recovery in Mexico, economists said.
Secondary activities, which include manufacturing, and agricultural output both rose 0.9 in the quarter, the data showed.
Analysts at Capital Economics revised up their 2022 growth forecast for Mexico by 0.5 percentage points to 2.3 following the data, but predicted leaner times lay ahead.
The big picture is that weakness in the U.S. and tight policy at home will weigh on growth over the coming quarters and Mexico39;s recovery will continue to lag behind those in the rest of Latin America, they said in a research note.
Andres Abadia, Chief LatAm Economist at Pantheon Macroeconomics, said the figures showed Mexico39;s economy had proven resilient.
Improving manufacturing activity, stillsolidalbeit slowingremittances from the U.S., and gradually easing inflation pressures, particularly from late Q3 onwards, likely will prevent a protracted downturn over the second half of the…