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Preliminary Q3 GDP, AMLO Defends Acapulco Recovery Effort

MEXICO
  • Mexico’s GDP is expected to have risen by 3.2% in the third quarter from a year earlier, down from a prior reading of 3.6%, according to economists surveyed by Bloomberg. Data is scheduled to be released at 1200GMT/0800ET:
    • Q3 Preliminary GDP SA QoQ, est. 0.8%, prior 0.8%
    • Q3 Preliminary GDP NSA YoY, est. 3.2%, prior 3.6%
    • Sept. Net Outstanding Loans, prior 5.78t
  • President AMLO’s administration has reportedly been criticised by political rivals and experts for not giving residents adequate warning before Hurricane Otis made landfall in Acapulco, and then for failing to provide security and basic supplies in the aftermath of the storm. On Monday, AMLO spent the majority of a press conference attacking critics and TV anchors.
  • Officials in Mexico have vowed that electricity will be reestablished in much of the city by today as the armed forces direct the recovery effort and delivery of aid. Early unofficial estimates put the damage at $15 billion. Comments from the finance ministry on Monday suggested it is too soon to estimate the impact on GDP growth.
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