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Mexico’s economy likely slowed in second quarter: finance ministry By Reuters

Mexico's economy likely slowed in second quarter: finance ministry By Reuters

ECONOMIC NEWS

Mexico’s economy likely slowed in second quarter: finance ministry By Reuters



MEXICO CITY (Reuters) – Mexico’s economic growth likely slowed in the second quarter, the country’s finance ministry said on Tuesday, as Latin America’s second-largest economy is teetering on the brink of a recession.

“The contraction in the industrial sector, mainly in construction and mining, and the slowdown in the service sector, suggest a more moderate growth in economic activity in the country for the second quarter of the year,” a statement from the finance ministry said.

Mexico’s economy shrank 0.2% in the first quarter versus the previous three-month period, in seasonally adjusted terms, and was flat in the fourth quarter of 2018. In annual terms, Mexico’s economy expanded just 1.2%.

The statement was released just hours before Mexico’s national statistics agency is scheduled to publish a preliminary estimate for second-quarter growth figures on Wednesday and a day after it unveiled a $25 billion stimulus package.

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