MEXICO CITY, Jan. 20 (Reuters) – Mexico’s economy is slowing, Bank of Mexico deputy governor Jonathan Heath said on Friday after official data showed economic activity slumped in November and December.
According to a preliminary estimate by the national statistics agency INEGI, economic activity in Latin America’s second largest economy fell by 0.4% in December compared with November and contracted by 0.1% in November compared with October, seasonally adjusted.
“Assuming this is the case and we don’t have any revisions to previous months or quarters, Q4 GDP will have grown 0.4%, representing a slowdown over the year,” Heath said on Twitter .
“It is clear that we are facing a slowdown in economic activity,” Heath said.
Data from INEGI also showed that economic activity is likely to have grown 2.7% in the 12 months to December and 4.1% in the 12 months to November.
Reporting by Anthony Esposito; Edited by Steven Grattan and Paul Simao
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