• by IPS Correspondents (mexico city)
• Thursday, November 17, 1994
• Inter Press Service

MEXICO CITY, Nov 17 (IPS) - Mexico's Gross Domestic Product (GDP) was 4.5 percent higher in the third quarter of this year than in the same period of 1993, according to a Finance Ministry report released Thursday.

The report added that the third quarter of 1993 was the lowest in the past two years, with a drop attributed to the "economic deceleration process," which authorities say has been overcome.

Figures comparing the third quarter of 1994 with the same period last year show growth in all productive sectors except agriculture.

According to the government report, "production of goods and services has increased for the third consecutive quarter, consolidating the recuperation of economic activity."

With 0.9 percent growth, the trade sector had the smallest increase between the second and third quarters of this year, while the greatest growth was registered in the industrial sector - which includes mining, manufacturing, construction and electric generation - with 3.8 a percent increase.

Mining rose 2.3 percent due to increased crude oil and natural gas extraction, with additional growth in carbon and other minerals. Meanwhile, manufacturing grew 3.0 percent between January and September.

The basic metal industries grew 10 percent, metal products, machinery and equipment rose 8.3 percent, chemicals 4.2 percent and non-metalic minerals 3.6 percent.

However, food, drink and tobacco production fell 0.1 percent, paper production 1.1 percent, textiles 2.7 percent and wood nearly 10 percent.

The construction sector grew by 7.5 percent in the third quarter, while electric generation, gas and water rose 7.9 percent.

Overall growth between January and September of this year was 2.9 percent over the same period last year.

The report recalled that 1994 has been a year of political instability, marked by the Jan. 1 guerrilla uprising in the southern state of Chiapas, kidnappings of leading businessmen and the murders of ruling party leaders Luis Donaldo Colosio in March and Jose Francisco Ruiz Massieu in September.

© Inter Press Service (2014) — All Rights Reserved. Original source: Inter Press Service

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