Natural disasters slow Mexico’s economic growth

By Yucatan Times on November 28, 2017

The natural disasters that struck Mexico last August and September left more than just material damages and human loss, Newsweek reports.

Mexican economy’s third-quarter gross domestic product decreased 0.3 percent compared with the previous quarter this year, the first contraction in nearly two years, according to a report by the National Institute of Statistics and Geography. The economy grew 1.6 percent in the third quarter this year, whereas the same period in 2016 saw a 1.7-percent growth, Mexican website Expansión reported.

The economy shrank more than previously expected, due to the impact of tempests and earthquakes in Mexico’s territory. “The [GDP] deceleration is largely explained by a temporary and limited impact from the natural disasters that affected the production of oil, as well as services related to education, tourism and entertainment,” the Finance Ministry said in a statement.

Click here for full article on Newsweek

Source: Newsweek