Mexico's GDP grew 7.6% in the 2nd Quarter

– Mexico’s Gross Domestic Product (GDP) grew 7.6% in 2010’s second quarter compared to same quarter last year, reported the National Statistics and Geography Institute (INEGI).

Market consensus expected a GDP growth of 7.5%, according to a report the Banamex Bank, Citigroup’s subsidiary in Mexico,so growth exceeded expectations by one tenth of a percent.

INEGI stated that this growth is based on the improvements in the three main income sources of the Mexican economy. This contrasts with the results from the first quarter where there was a 3.22% contraction.

The GDP of the industrial sector (mining, manufacturing, construction and electricity, gas and water) grew at an annual rate of 7.8% in the second quarter of this year.

Mexico experienced a contraction of 6.5% during 2009, but analysts, international economic institutions and the government expected an expansion of between 4% and 5% fro 2010.

On 2 August, the Mexican Finance Ministry said that the forecast at point in time is set at a 4.1% GDP growth.

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