Mexico saw growth and development during the second quarter slow, which was likely influenced by the U.S. economy's reduced pace as well, Bloomberg reports.
The host of Latin America's most traded currency saw its gross domestic product grow at about half the pace of the metric during the first quarter, prompted by the reduced rate of exports of oil and some manufactured goods. The second quarter saw the gross domestic product of Mexico expand 0.7 percent from the first quarter, which developed at 1.3 percent.
"We're seeing a slight downturn in external demand," chief Mexico economist Sergio Martin with HSBC told Bloomberg. "We expect this slowdown to become more drastic in the third and fourth quarter."
Annual development in Mexico will drop to 2.9 percent during the third quarter of the year and then it will advance to 3.1 percent during the fourth quarter, according to a Bloomberg survey.
Governor Agustin Carstens with the Bank of Mexico forecast earlier this week that the Mexican peso will continue appreciating this year, according to The Wall Street Journal. The currency has climbed more than 9 percent since the end of May.
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