The Central American earthquake occurred on Pacific Coast in Mexico, near the Guatemala border. Google Maps

A large earthquake shook the border of Mexico and Guatemala Monday, killing at least two people in Guatemala, according to the Associated Press.

The magnitude-6.9 quake hit just after 6 a.m. local time and was centered 37 miles below the surface. According to firefighters' spokesman Raul Hernandez, the deaths occurred in the Guatemalan town of San Marcos, reports AP. The earthquake has also caused power outages in Guatemala.

According to the United States Geological Survey, more casualties could be expected and the earthquake could lead to significant economic loses. "Significant damage is likely and the disaster is potentially widespread. Estimated economic losses are less than 1 percent of GDP of Mexico. Past events with this alert level have required a regional or national level response," said the agency.

While some vibrations were felt in the capital, Guatemala City, the closest cities to the quake are Puerto Madero, Mexico, and Ciudad Tecun Uman in Guatemala, which together have a population exceeding 20,000.