Mexico revises growth prospects for 2008 down to 2.8 per cent
( dpa ) - Mexico revised its economic growth prospects for 2008 downward to 2.8 per cent on Wednesday amid slower economic growth in the neighbouring United States.
The economic growth estimate was reduced from an earlier estimate of 3.7 per cent.
Mexican Deputy Finance Minister Alejandro Werner said the Mexican economy will "face this context in the best possible conditions," with an expansion in consumer spending, good prospects in the tourism and construction industries, and planned investments in infrastructure.
The US is Mexico's dominant trade partner, and the International Monetary Fund said Tuesday that US economic growth could slow to 1.5 per cent this year, down from the 1.9 per cent projected in October and lower than the 2.2 per cent growth in 2007.
Werner said Mexico's gross domestic product grew by 3.2 per cent in 2007. He said the government's goals are "obviously much more ambitious," but said the results were "good."