Economics
Mexico Cuts 2016 GDP Forecast After Second-Quarter Decline
- Finance Ministry expects growth of 2 percent to 2.6 percent
- Economy shrank for first time since 2013 on weak oil, exports
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Mexico cut its growth forecast for the second time this year after Latin America’s second-largest economy shrank last quarter, dragged down by a slowdown in the services industry and falling exports.
Gross domestic product will grow 2 percent to 2.6 percent in 2016, down from a previous estimate of 2.2 percent to 3.2 percent, deputy Finance Minister Fernando Aportela said at a news conference in Mexico City. The government also narrowed its deficit forecast for the broadest budget measure to 3 percent from 3.5 percent, largely due to a surplus it received from the central bank.