| Mexican Economy Shrinks for First Time in Four Years on Second-Quarter Data MoneyNews.com | |
| go to original August 20, 2013 |
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Mexico's economy contracted for the first time in four years in the second quarter as lower government spending, sluggish consumption and weak demand for exports hammered industry and services in Latin America's No.2 economy.
The contraction took investors by surprise, but many stuck to bets that the central bank will keep interest rates on hold as it watches for the withdrawal of U.S. economic stimulus measures.
The Mexican economy shrank by 0.74 percent in the second quarter compared with the first quarter, the national statistics agency said on Tuesday, well below forecasts in a Reuters poll for a 0.21 percent expansion.
Mexico's government had already lowered its growth forecast for the year to 3.1 percent, and some analysts expect another revision, given the poor second-quarter data.
Read the rest at MoneyNews.com
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