Mexican economy falters in May as construction dips
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A view of Mexico city's skyline during a sunset as cars are pictured along Reforma Avenue in Mexico City, Mexico in this picture taken through glass in a building, May 24, 2023. REUTERS/Henry Romero
MEXICO CITY, July 23 (Reuters) - Mexico's economy contracted in May from April, official data showed on Thursday, fueling caution about the country's situation as the primary and secondary sectors posted declines.
Economic activity fell 0.3% compared with the same month a year earlier, and compared with expectations for a 0.4% decrease.
Latin America's second-largest economy slipped after posting in April its largest monthly economic expansion in more than five years with a revised increase of 1.4%.
The month-on-month decline reflected decreases in the secondary sector, particularly construction with a 3.7% decline, and the primary sector.
On an annual basis, the economy grew 1.1%, compared with forecast growth of 1%.
(Reporting by Aida Pelaez-Fernandez and Ricardo Figueroa; Editing by Alexandra Hudson)
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