UN economic body cuts Latin America and Caribbean 2013 growth estimate

The UN's economic body for Latin America and the Caribbean says the region will see strong economic growth in 2013 despite Europe's fiscal woes and a struggling U.S. economy.

The ECLAC expects the region to expand by 3.8 percent in 2013, mainly due to a recovery of Argentina and Brazil and higher internal demand in several nations.

The estimate is slightly lower than ECLAC's previous forecast of 4 percent.

ECLAC expects the region to close 2012 with a 3.1 percent growth. That is higher than expected numbers for world expansion of 2.2 percent but lower than the region's 4.3 percent growth last year.