Mexico cuts growth outlook from 3.5 to 3.1 percent

May 17, 2013 - 3:35 PM

MEXICO CITY (AP) — The Mexican government says it has cut its economic growth forecast for 2013 from 3.5 percent to 3.1 after exports stagnated and first-quarter GDP figures came in weak.

The Treasury Department says growth in the first quarter was only 0.8 percent, in part because Easter vacations fell in March instead of April as they did in 2012.

Industrial production fell by 1.5 percent in the first quarter. Non-oil exports were largely unchanged, as compared to the same quarter of the previous year.