Mexico's Economy Grows 2.93% in Q3

Even so the GDP shrank 6.2% compared with last year

In the first sign of recovery from recession in Latin America's second largest economy, Mexico's economy grew 2.93% in the third quarter, the national statistics institute said on Nov. 20.

Despite the positive movement, Gross Domestic Product (GDP) still shrank 6.2% compared with the same period in 2008, INEGI said.

Mexico officially entered a recession in the first quarter of 2009, with a decline in GDP of 8.2%.

It saw its worst performance on record, with a 10.3% drop, in the second quarter, during which the first outbreak of swine flu froze tourism and pounded the economy.

Analysts blamed the latest decline on poor figures in manufacturing and services, which are closely tied to the U.S. and have felt the full force of the economic crisis.

Copyright Agence France-Presse, 2009

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