UPDATE 3-Mexico cuts 2015 growth forecast, industry sluggish in 2nd-qtr

jueves 20 de agosto de 2015 13:26 GYT
 

(Adds details on cut to official growth forecast)

By Michael O'Boyle

MEXICO CITY Aug 20 (Reuters) - Mexico trimmed its 2015 growth forecast on Thursday as it grapples with falling oil output and patchy export demand from the United States, though the economy ticked up in the second quarter on the strongest expansion of the service sector in a year.

The Finance Ministry trimmed its growth outlook for this year to a range of 2.0 percent to 2.8 percent from a previous forecast of 2.2 percent to 3.2 percent, after data showed industrial output was flat in the second quarter.

The economy expanded by 0.5 percent in the April-June period compared with the first quarter, just above expectations and the 0.4 percent rate in the first quarter, the national statistics agency said on Thursday.

Growth in services ticked up to 0.9 percent from 0.7 percent in the prior quarter, its fastest pace since the second quarter of 2014.

But flat industrial output, which includes factory and crude oil production, reflected uneven exports to the United States and sinking oil production at ailing state oil giant Pemex .

Deputy Finance Minister Fernando Aportela said disappointing industrial output in the United States, Mexico's top trading partner, and declining oil production weighed on Mexico's economy.

Deutsche Bank economist Alexis Milo, echoing Aportela, said in a client note that industrial output "remains the main concern for growth."   Continuación...