MEXICO CITY – The Mexican government has lowered its forecast for the nation’s economic growth this year to 1.8 per cent. That’s down from the 3.1 per cent gain it predicted earlier this year.
The National Statistics Institute says the country’s GDP expanded only 1.5 per cent in the second quarter of 2013, compared to the same quarter of 2012.
Compared to the first quarter, GDP actually contracted 0.74 per cent in the April-June period. Growth for the first half of 2013 averaged 1 per cent, due to weakness in the mining and construction sectors.
The Finance Department said Tuesday that the fundamentals of Mexico’s economy remain solid and that growth should pick up.