Mexico cuts economic growth forecast to 1.3 per cent

MEXICO CITY – The Mexican government has again lowered its forecast for the nation’s economic growth this year to 1.3 per cent, after the National Statistics Institute announced the country’s GDP expanded only 1.3 per cent in the second quarter of 2013, compared to the same quarter of 2012.

That’s down from the 3.5 per cent full-year growth prediction issued earlier this year.

But the third-quarter growth was higher than the 1 per cent predicted by the Finance Department. And the Statistics Institute revised second-quarter growth in GDP to 1.6 per cent, from earlier estimates of 1.5 per cent.

The Finance Department said Thursday that growth should increase in the fourth quarter, to about 1.7 per cent.