Mexico's industrial production decreased at a significantly faster pace in March, and the rate of fall far exceeded economists' forecast, latest data showed Friday.
Industrial production fell 4.9 percent in March from a year earlier, markedly faster than the revised 1 percent fall seen in the previous month, statistical office INEGI said. Economists had forecast the rate of contraction to quicken modestly to 1.4 percent from February's originally reported 1.2 percent.
The latest slump was influenced by lower number of working days this year compared to last year in connection with Eater holidays, the agency said.
All of the industrial sub-sectors recorded declines in activity during the month, with the manufacturing industry recording the biggest fall of 5.8 percent.
Construction output plunged 5.2 percent annually, and mining output dropped by 1.5 percent. There was a 3.9 percent decrease in the production and supply of electricity, water and gas, data showed.
Sequentially, industrial production edged down 0.3 percent in March, slightly faster than the 0.1 percent drop economists had forecast.
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