June 22, 2018 / 3:11 PM / in a month

Mexican economy shrinks in April on agriculture dip

MEXICO CITY (Reuters) - Mexico’s economy shrank 0.6 percent in April from the previous month as output declined across sectors, the national statistics agency said on Friday.

FILE PHOTO: Workers load blue agave hearts into an oven for distillation to make tequila at a factory in Amatitan, Jalisco, Mexico, September 7, 2017. REUTERS/Carlos Jasso/File Photo

The agricultural sector dipped 1.7 percent in April from the previous month in seasonally adjusted terms, leading losses, the agency said. Services fell 0.5 percent, and the industrial sector shrank 0.4 percent.

Gross domestic product in Latin America’s second-biggest

economy expanded 4.5 percent in April compared with the same month last year, the agency said.

Mexico’s economy has grown at sluggish rates during the

administration of President Enrique Pena Nieto, who had promised

to supercharge growth through key economic reforms, including the 2013-14 opening of the state-dominated oil industry.

The Bank of Mexico expects the gross domestic product to expand between 2 percent and 3 percent in 2018 and between 2.2 percent and 3.2 percent in 2019.

Reporting by Sharay Angulo and Julia Love; Editing by Phil Berlowitz

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