Mexico economy grows

Mexico’s economy grew a modest 1.7% in the third quarter but was only mildly affected by turmoil in the world financial markets, the Finance Ministry said.

Employment rates, productivity and public spending “continue to grow in Mexico, albeit at more moderate annual rates than those observed in previous quarters,” the ministry said.

Mexico, whose economy depends heavily on the United States, has revised its 2008 economic growth outlook to 2% from 2.4%. The government lowered its 2009 growth forecast from 3% to 1.8%. But Wednesday, Central Bank President Guillermo Ortiz said he expected growth next year of only 0.5% to 1.5%.