Economics
AMLO Faces Challenge After Mexican Economy Unexpectedly Shrinks
- President vows to push GDP growth to 4% anually in his tenure
- Economy in surprise contraction to start 2019 on services, oil
Workers prepare drilling pipe on the Petroleos Mexicanos (Pemex) La Muralla IV deep sea crude oil platform in the waters off Veracruz, Mexico.
Photographer: Susana Gonzalez/Bloomberg
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President Andres Manuel Lopez Obrador’s promise to double the pace of Mexico’s economic growth is off to a rough start.
Gross domestic product shrank 0.2 percent in the first quarter from the previous three months, a preliminary report from the national statistics institute showed Tuesday, below all estimates of economists surveyed by Bloomberg. Services activity contracted after being a bright spot in recent quarters and oil output remained weak.