Data for the third quarter, including the GDP monthly proxy for July, suggest that momentum continues. Improvement in the industrial sector has included a strong push from manufactured products, with transportation equipment doing particularly well. After six consecutive quarters of contraction or stagnation, construction has seen some rebound.
External demand has played a predominant role in the recovery due to greater manufacturing exports, particularly to the United States. Within that category, automobile exports stand out. In addition, the expansion of services continued, especially those most associated with external demand. On the domestic side, consumption in the second quarter picked up, and recent sales data suggest that the pace continues.