| | |  Business News | May 2009 
Mexico's Economy Shrinks 5.6 pct in March Yr/Yr
 Jason Lange - Reuters
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Mexico City - The Mexican economy shrank 5.6 percent in March compared with a year earlier, the national statistics agency said on Wednesday.
On a seasonally adjusted basis, economic output decreased 1.43 percent in March compared with February, according to the agency's global economic activity indicator.
Mexican exports have collapsed as U.S. consumers cut back on purchases of cars, televisions and other goods made south of the border. Data earlier this month showed that the economy contracted 8.2 percent in the January-March period from a year earlier.
Industrial output, which includes manufacturing and oil production, fell 6.7 percent in March from a year earlier.
Pain in manufacturing is now spreading throughout the economy as unemployment rises and consumer confidence falls. The service sector contracted 5.9 percent in March.
Agricultural output, a tiny segment of the economy, rose 10.8 percent.
(Editing by Chizu Nomiyama) |
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