Natural disasters slow Mexico’s economic growth

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.

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Source: Newsweek