Mexico confirms economy shrank in Q1 | The Daily Star
12:00 AM, May 27, 2019 / LAST MODIFIED: 11:59 PM, May 26, 2019

Mexico confirms economy shrank in Q1

Mexico’s economy contracted by 0.2 percent in the first quarter of the  year, revised government data confirmed Friday, a rough start for new  President Andres Manuel Lopez Obrador.        

The contraction raises the specter of recession just months  into the anti-establishment leftist’s six-year term, threatening his  promise to “transform” the country and deliver average annual GDP growth  of four percent.

The revised number for January to March was the same as the  preliminary figure released in April, which took economic analysts by  surprise and triggered talk of a possible recession -- two or more  consecutive quarters of contraction -- in Latin America’s second-largest  economy.

Mexico’s economy registered zero growth in the fourth quarter of 2018, according to the national statistics institute, INEGI.

Lopez Obrador -- widely known as “AMLO” -- downplayed the data.

“There’s still time” to reach his target of two-percent growth for 2019, he told a press conference.

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