August 1, 2019 / 3:23 AM / 4 months ago

Mexico lowers GDP growth projection for 2019 to 1.1%

FILE PHOTO: Cars and containers are seen in the port of Lazaro Cardenas, Mexico, November 20, 2013. REUTERS/Edgard Garrido/File Photo

MEXICO CITY (Reuters) - Mexico’s Finance Ministry has lowered its growth forecast for 2019 to 1.1% 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 2% made when the government presented the budget in December.

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

Reporting by Sharay Angulo; writing by Stefanie Eschenbacher; editing by Dave Graham

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