Mexico economy grew 3.5% in April, the country’s second-lowest annual rate since 2013, as the government pushed forward with efforts to tackle the countrys $2.9-trillion-a-year debt crisis and the government also pushed ahead with a massive infrastructure project aimed at boosting economic growth.
On Friday, the Central Bank of Mexico said the economy grew at a 3.3 percent rate in the first three months of the year, compared with a 3 percent gain in the previous quarter.
That is in line with expectations and a far better than expected growth rate, but is below the 2.7 percent average since April, said Paul Torre, the central bank’s vice chairman.
The peso fell 0.6 percent to 69.35 pesos per dollar on Friday, its worst one-day fall in a month.
The economy contracted at a 6.7% rate in April from March, according to data from the International Monetary Fund.
That compares with a 6 percent decline in the prior quarter.
The government has been pushing for more stimulus and economic reforms to help lift the economy out of a deep recession that has killed more than 20,000 people since mid-2014.
The economy contracted by 2.5 percent in the second quarter of the fiscal year, its slowest contraction in more than a year.
The first quarter also showed Mexico’s unemployment rate had dropped to 11.2%, its lowest since January 2017.