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  HOME | Mexico

Peña Nieto Attributes Mexico’s GDP Slowdown to September Earthquakes

MEXICO CITY – Mexican President Enrique Peña Nieto said that the preliminary GDP figures published on Tuesday showing a slight deceleration in economic growth compared to the previous quarter reflect the impact of the Sept. 7 and Sept. 9 earthquakes.

According to the figures released Tuesday by the National Statistics and Geography Institute (INEGI), Mexico’s GDP rose 1.6 percent in the third quarter compared to the same period in 2016.

In real terms, the quarterly estimate is less than that registered during April-June 2017, when the GDP rose by 1.8 percent.

Without taking seasonal factors into account, the GDP rose by 1.7 percent between July and September compared with the same period in 2016, but it declined by 0.2 percent in comparison with the April-June period.

Growth “has had a small reversal that (is due) to the effect the earthquakes that occurred in September had on the economy,” said the president at the inauguration of the Cancun International Airport’s newly completed Terminal 4, in the southeastern part of the country.

Despite the quakes, which killed at least 471 people, Peña Nieto said that the figures “allow us to see that the economy is growing.”

“So far during this administration, each quarter has been showing ongoing and sustained growth of the economy,” he declared.

He said that the figures are evidence that “national consumption is being promoted and strengthening, demand for services is growing, and there is economic spillover to Mexican families, and all that leads to the development and prosperity of our society.”

So far during Peña Nieto’s mandate, which began in 2012 and runs until 2018, the economy has averaged 2.1 percent annual growth, far below the 4-5 percent level he promised at the start of his administration.

 

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