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Mexico’s GDP grew 3.3% in the second quarter of 2011

Latin America’s second biggest economy grew at a rate of 3.3% in the second quarter of the year 2011. Mexico’s Gross Domestic Product of Mexico (GDP) increased 3.3% in real terms and annual rate during the second quarter as compared to the same quarter of 2010, as per National Institute of Statistics and Geography (INEGI).

The Mexican economy this quarter though showed slower growth than the 4.6% presented in the previous quarter (January to March). This can be attributed to global economic uncertainty and fears of double dip recession in USA.

Industry and manufacturing sector contributed 3.4% growth, while services sector rose 3.6%.

The Bank of Mexico reduced the Aug. 10 the prospect of GDP growth between 3.8% and 4.8% in 2011, versus 4% to 5% estimated in May. The figure was modified to the slowdown of the global economy.

Mexican GDP increased 5.5% in 2010 to regain strength after the collapse of 6.5% in 2009, its worst performance in 79 years, driven by the financial crisis that erupted in late 2008 in the United States.