World Economy

Mexico Cuts Growth Forecast

Mexico Cuts Growth ForecastMexico Cuts Growth Forecast

The Mexican government lowered its estimate for economic growth for this year, forecasting gross domestic product to expand between 2.1% and 2.6%, compared with its previous estimate of 2.7%, Deputy Finance Minister Fernando Aportela said, Dow Jones Business News reported.

Aportela told a news conference the ministry expects growth to be between 3.2 percent and 4.2% in 2015.

The revision, which includes the introduction of a forecast range, followed the release of third-quarter data showing GDP up 2.2 percent from the year-earlier period and up 1.9 percent in the first nine months of the year.

Aportela said the government expects lower crude-oil production to shave 0.4 percentage point off overall growth this year. The country’s crude output fell to 2.4 million barrels a day in the third quarter from 2.5 million a year ago.

He said data for October and November, such as private-sector job creation, new-car sales and retail sales, show promise for a strong fourth quarter.