Mexico economy grows 1.9pc year-on-year

MEXICO CITY, July 29 (AFP): Mexico's economy, the second-largest in Latin America, grew 1.9 percent in the second quarter compared to the April-June period of last year, according to official data released Friday.

That was slightly faster than the pace in the first three months of the year, but less than half the growth pace seen in 2021 when the economy recovered from the damage inflicted by the Covid-19 pandemic that sparked the worst slump since the Great Depression nearly a century ago.

The preliminary data on Mexico's gross domestic product (GDP) showed an increase of 1.0 percent over the first quarter, according to national statistics agency INEGI.

But the Russian invasion of Ukraine has sent global prices soaring and prompted the government to lower its growth forecast for the year.