MEXICO CITY — Mexican government officials are still tallying up the economic losses of the magnitude 7.1 earthquake that caused widespread destruction in the capital, knocking down dozens of buildings, severely damaging many more and disrupting business.
Moody's Investors Service said in a report Monday that the quake "has the potential to be one of Mexico's costliest natural catastrophes."
One Moody's executive says a preliminary estimate is that the disaster could knock between 0.1 per cent and 0.3 per cent off Mexico's gross domestic product in the third and fourth quarters.
Still, money is expected to pour into the economy as Mexico City and the federal government tap their disaster funds to pay for months of demolition, repairs and reconstruction.
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