El Salvador trims forecast for economic growth to 1.4 percent. Heavy rains exact severe toll on nation’s coffee crop
El Salvador cut its forecast for economic growth this year to 1.4 percent from 2.1 percent due to heavy rains that damaged coffee crops.
The rains took a $150 million toll on the country in terms of damage to housing, roads and agriculture, said Alex Segovia from the president's office.
Procafé, the country's coffee association, cut its estimate for coffee production in 2011-12 crop to 1.33 million bags (60-kg bags) earlier this month, from the previous 1.41 million bags due to rain damage. The new forecast would represent a drop of almost 31 percent.
Original source: Reuters