Mexico's economy gained pace at the end of last year on stronger manufacturing and a construction boom, data showed on Friday, but growth was crimped by flagging oil output and the economy flagged in December. Latin America's No 2 economy grew 2.1 percent last year, according to data from the national statistics agency. Mexico has been posting its slowest growth since the 2009 recession, mostly due to weak domestic demand. The government has passed a series of reforms to boost growth, but it may take years to see much impact.
Mexico's gross domestic product grew 0.7 in the fourth quarter compared with the third, up from growth of 0.5 percent in the third quarter and compared to 0.9 percent expected in a Reuters poll. On an annual basis, GDP grew 2.6 percent in the fourth quarter from the same period of 2013, up from 2.2 percent in the third quarter and in line with forecasts. A separate report from the statistics agency showed the economy contracted in December from November by 0.3 percent as industrial activity and services fell.
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