UPDATE 1-Mexican economy grows 1.0% in third quarter

(Adds details, context)

MEXICO CITY, Oct 31 (Reuters) – Mexico’s economy expanded between July and September, the fourth consecutive quarter of growth, driven mainly by the primary sector, a preliminary estimate from the national statistics agency showed on Monday.

Gross domestic product (GDP) rose 1.0% in the third quarter from the previous three-month period, slightly above forecasts of a 0.7% increase and up from growth 0.9% in the previous quarter.

Compared with the same quarter a year earlier, Latin America’s second-largest economy grew 4.2%, the statistics agency added, above forecasts for growth of 2.8%, marking six consecutive quarters of growth.

Mexico’s finance ministry said Friday that indicators of economic activity in the third quarter indicate

annual economic growth of 2.4% in 2022

according to forecasts.

Following a mission to Mexico, the International Monetary Fund declared in early October that

Mexico’s growth is expected to slow

over the next few quarters, even as its fiscal and monetary policy put it in a good position to weather the global turmoil.

INEGI is expected to release final GDP data for the third quarter on November 25. (Reporting by Anthony Esposito; Additional reporting by Gabriel Araujo; Editing by Steven Grattan)

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