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 Business News | May 2007 
Industry Growth Nearly Stagnant
 El Universal
| | Industrial production rose less than expected in March as construction slowed and the country produced fewer automobiles for export. |
Industrial production rose less than expected in March as construction slowed and the country produced fewer automobiles for export.
Industrial output grew 0.2 percent from a year ago, a government report showed.
Economists had forecast output to rise 1 percent, according to the median of 17 estimates in a Bloomberg survey.
Slower-than-expected industrial production for two consecutive months shows that Mexico´s domestic economy has not offset the effects of waning U.S. demand.
Economists such as IdeaGlobal Inc.´s Bertrand Delgado had expected infrastructure projects to buoy growth in the first quarter.
The economy "is slowing quite dramatically," Delgado said in a telephone interview from New York.
"Construction was supposed to support industrial production."
On a seasonally-adjusted basis, output fell 0.23 percent from the previous month. Construction rose 1 percent in March after unexpectedly falling 1.1 percent in February.
March is the fourth straight month that industrial production rose less than 2 percent.
Industrial output was unchanged in February and rose 1.4 percent in January.
Auto output fell 12 percent in the first quarter, according to the country´s automobile makers association, after rising 23 percent in 2006. |
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