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Mexico cuts 2019 growth forecast after narrowly avoiding recession

Mexico's finance ministry cut its 2019 domestic GDP growth estimate to 1.1% from 2% following weak growth figures for the second quarter, Reuters reported.

The new forecast comes after preliminary data showed Latin America's second-largest economy growing 0.1% in real terms in the second quarter from the prior three months. The second-quarter figure followed economic contraction of 0.2% in the first quarter.

Concern over the economy's performance had grown in recent weeks amid falling oil production and heightened policy uncertainty. Prior to the publication of second-quarter data, some analysts issued warnings about a possible technical recession for Mexico.

Mexico will see "significant headwinds" to economic growth in the coming quarters due to slowing industrial output, Fitch Solutions Macro Research said in July.

The government recently announced a $25.45 billion economic stimulus package which, according to Finance Minister Arturo Herrera, should generate an "immediate impact."