September 25, 2012 / 1:57 PM / 5 years ago

Mexican economy grows faster than expected in July

MEXICO CITY (Reuters) - Mexico's economy expanded by a seasonally adjusted 0.7 percent in July from June, the national statistics agency said on Tuesday, compared with 0.2 percent growth forecast in a Reuters poll and 0.9 percent growth in June.

Growth versus a year ago accelerated to 4.7 percent, faster than the 4.3 percent rate expected by analysts and than June's 3.7 percent.

The services sector grew 0.4 percent on a monthly basis for 4.8 percent annual growth while the grouping that includes utilities, mining, construction and manufacturing advanced 0.5 percent in the month and 4.9 percent in the year.

Previously released data showed exports rebounded in July and the jobless rate fell, but retail sales dropped and economists expect growth to ease in the second half of the year.

Finance Minister Jose Antonio Meade has estimated the economy would grow between 3.5 percent and 4 percent in both 2012 and 2013.

Reporting by Louise Egan Editing by W Simon

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