Mexico cuts growth outlook from 3.5 to 3.1 per cent

MEXICO CITY – The Mexican government says it has cut its economic growth forecast for 2013 from 3.5 per cent to 3.1 after exports stagnated and first-quarter GDP figures came in weak.

The Treasury Department says growth in the first quarter was only 0.8 per cent, in part because Easter vacations fell in March instead of April as they did in 2012.

Industrial production fell by 1.5 per cent in the first quarter. Non-oil exports were largely unchanged, as compared to the same quarter of the previous year.