Mexico lowers growth projection for 2019 to 1.1pc

Published: August 01, 2019 11:26:39 | Updated: August 11, 2019 19:54:06

Cars and containers are seen in the port of Lazaro Cardenas, Mexico on November 20, 2013 — Reuters/Files

Mexico’s Finance Ministry has lowered its growth forecast for 2019 to 1.1pc as evidence mounts that Latin America’s second-largest economy is falling short of the government’s expectations.

In an update on the country’s budget, the ministry said it had cut the forecast from a prediction of 2pc made when the government presented the budget in December, reports Reuters.

A preliminary estimate published by the national statistics agency on Wednesday showed that Mexico’s economy expanded by 0.1pc in the April-June period from the previous quarter, narrowly escaping a recession.