Mexico: Recession talk off base but growth forecast may be adjusted

Mexico City, May 9 (EFE).- Mexico's finance secretary disputed talk about a possible recession but said the government may adjust its 2014 growth forecast downward later this month.

"It would be openly incorrect to say that an economy that's growing (and doing so) faster than last year is in recession," Luis Videgaray told reporters after unveiling a new public accounts format.

Once the final first-quarter gross domestic product figures are known on May 23, the Finance Secretariat will review its growth forecast for this year," he said.

The finance secretary attributed the current economic dynamism to a recovery in exports and increased public spending.

Videgaray downplayed the importance of "coincident or early" economic indicators and said "the true complete measure" of GDP performance will be unveiled on May 23.

Only then will the Mexican government decide if it needs to adjust its growth forecast for 2014, he added.

President Enrique Peña Nieto's administration is currently forecasting growth of 3.9 percent for this year.

Mexico's economy expanded a meager 1.1 percent in 2013, down sharply from the 3.9 percent growth posted the year before.