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Mexico’s central bank lowers growth forecast

May 19, 2015

MEXICO CITY (AP) — Mexico’s central bank has lowered the country’s economic growth forecast for the remainder of the year due to a variety of factors including falling oil production.

The bank said in a report Tuesday that it expects Mexico’s gross domestic product to increase between 2 percent and 3 percent, down from the previous forecast of between 2.5 percent and 3.5 percent.

The report highlighted the continuing shrinking oil production and great uncertainty about its future as a reason for lower expectations.

Mexico’s oil production has been falling in recent years and now stands at 2.3 million barrels per day. In 2014, daily production was 2.42 million barrels.

The country has also faced lower oil prices, leading the government to cut spending.

Mexico’s growth was 2.1 percent in 2014.

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