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Mexican government lowers 2013 growth forecast to 3.1 percent

18 May 2013 01:41 (UTC +04:00)

Baku-APA. Mexico's Finance Ministry ( SHCP) Friday lowered the 2013 gross domestic product (GDP) growth forecast from 3.5 to 3.1 percent, APA reports quoting Xinhua.

At a press conference, SHCP's Assistant Secretary Fernando Aportela said SHCP considered that in 2013 the Mexican economy will grow by 3.1 percent in real terms, instead of 3.5 percent, explaining that the 0.8 percent growth in first quarter was calculated for the adjustment.

Mexico's National Institute of Statistics and Geography (INEGI) Friday said weak industrial activities in the first quarter resulted in the feeble 0.8 percent growth of the economy, against the government's prediction of 1.0 percent. It is certainly far worse than the 4.9 percent growth in the first quarter of 2012.

Aportela said the lower economic growth has implications in the management of public finances and that the government will consider the necessity of using the oil revenue's stabilization anchoring.

Mexico is Latin America's second biggest economy after Brazil. Its economy expanded by 3.9 percent in 2012.