| | |  Business News | November 2009 
Mexico's Economy Seen Growing in Third Quarter
 Jean Luis Arce - Reuters
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November 19, 2009
Mexico City - Mexico's economy likely expanded 2.4 percent in the third quarter compared with the previous three months as the country began to recover from a deep recession, according to analysts surveyed by Reuters.
Mexico has been hit hard by the longest U.S. recession since the Great Depression of the 1930s, which has pushed unemployment to a 26-year high and shriveled consumer demand.
Recovery for Latin America's second-largest economy is expected to be slow as demand stays tepid in the United States, which absorbs more than 80 percent of Mexico's exports.
Year over year, Mexico's economic output in the third quarter is expected to be down 6.7 percent, according to the median estimate of 16 economists surveyed by Reuters.
The results of the Reuters poll were slightly less optimistic than the government has forecast. President Felipe Calderon recently said the economy probably grew about 2.7 percent in the third quarter compared to the second quarter.
Mexico's INEGI statistics agency is due to report third quarter gross domestic product data on Friday at 2:30 p.m. (2030 GMT).
At the same time, INEGI will report its global economic index data for September, which is the last month of the third quarter and will also be reflected in the third-quarter gross domestic product data.
The economists polled by Reuters had a median forecast of a 6.2 percent slide in September economic activity, year over year.
Analysts in a recent central bank poll forecast on average that Mexico's economy would expand 2.9 percent next year, after shrinking 7.2 percent in 2009, the worst performance among Latin America's larger economies.
(Editing by James Dalgleish)
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