Mexico’s GDP grows 4 pct in 1Q; 3rd straight quarterly expansion as US production recovers

Mexico reports economy expanded 4 percent in 1Q

MEXICO CITY — Mexico says its economy expanded an estimated 4 percent in the first quarter, the third consecutive period of growth following a punishing recession.

The Treasury Department says exports grew significantly in part due to a rebound in U.S. industrial production.

Oil revenues rose 17.7 percent largely due to higher crude prices. Oil production fell 3.1 percent compared with the first quarter of 2009 —

The department’s Friday report says the annual rate of inflation rose to 5 percent. It was 3.6 percent at the end of 2009.

Mexico posted 2.9 percent growth in last year’s third quarter and a 1.2 percent rise in the fourth quarter. The economy shrank 6.8 percent overall in 2009, hit hard by U.S. recession.