Informe Trimestral Abril‐Junio 2016, August, Box 2, pp. 30‐33. 2  calculated by the Institute of Supply Management, recently touched contraction territory and since then has stayed close to it. Against this backdrop, Mexico’s annual GDP growth has been relatively stable during the last three years at around its long‐term average of 2.3 percent, with a dip in the second quarter of 2016.
This development has resulted from two opposing forces: expansion in services and a weaker industrial sector. Weakness in industrial production reflects both domestic and external restrictions. On the one hand, mining has been dropping significantly, mainly due to a longstanding decline in oil extraction.