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Business Briefing / International

Mexico could see GDP shrink 7.5%

July 30, 2009|TIMES WIRE REPORTS

Mexico will see its economy contract as much as 7.5% this year as exports fall and migrants abroad send less money home, the country's central bank said.

The Bank of Mexico said in a report that gross domestic product was expected to shrink 6.5% to 7.5% in 2009 -- a more pessimistic outlook than its previous projection of a 4.8% decline. It is also worse than government expectations of a 5.5% contraction.

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