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Brunei
Tuesday, August 16, 2022
23.7 C
Brunei
Tuesday, August 16, 2022
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    Mexico’s economy grows by 1pc in Q2

    MEXICO CITY (AP) – Mexico’s economy grew by one per cent in the second quarter, Mexico’s national statistics agency said.

    Economic growth for the first half of 2022 now amounts to 1.9 per cent, after an expansion of 0.9 per cent in the first three months of the year.

    The economy recovered by five per cent in 2021 following a steep drop during the coronavirus pandemic.

    But growth is expected to slow amid high interest rates and an economic downturn in the United States, by far Mexico’s largest trading partner.

    Mexico’s central bank has raised domestic interest rates to 7.75 per cent, buoying the peso but making credit expensive.

    The Mexican peso was trading on Friday at around 20.30 to USD1, stronger than in recent weeks.

    Construction workers ride on a beam hanging from a crane at the construction site of a residential high rise building in Mexico City. PHOTO: AP
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