Carstens: Mexican economy to shrink 5.5 percent - News Wires

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Carstens: Mexican economy to shrink 5.5 percent

By: The Associated Press | 03 Jul 2009 | 06:28 PM ET

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VINA DEL MAR, Chile - Mexico's treasury secretary says the country's economy is expected to shrink by 5.5 percent in 2009.

The world economic crisis drove Mexico's economy to contract by 8.2 percent in the first quarter of 2009, prompting the government to officially declare the worst recession since the so-called Tequila Crisis of 1995.

But Treasury chief Agustin Carstens said Friday that growth domestic product will expand about 3 percent in the last two quarters, and end the year down 5.5 percent.

Carstens said swine flu should be responsible for less than 0.5 percent of the total decline, less than originally expected.

He spoke in Chile at a gathering of finance ministers from Latin America and the Caribbean.

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