Mexico's Treasury lowers GDP growth forecast, to 2-2.8 pct

By The Associated Press | Posted - Aug. 20, 2015 at 4:41 p.m.

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MEXICO CITY (AP) — The Mexican Treasury Department on Thursday lowered its economic growth forecast for 2015 to between 2 percent and 2.8 percent.

The new figure was down from a previous projection of 2.2 percent to 3.2 percent growth.

Treasury Deputy Secretary Fernando Aportela said the economy was limited in the second quarter by disappointing industrial activity in the United States, which accounts for 80 percent of Mexico's international commerce.

Aportela added that Mexico's oil production, a main economic driver for the country, has dropped by 165,000 barrels a day.

However, he said Mexico has performed solidly in other indicators such as employment and inflation.

The adjusted forecast comes as the Mexican peso is at a historic low against the U.S. currency, closing at 16.73 per dollar Thursday.

Analysts attribute the slide to an expected interest rate hike in the United States and low oil prices.

Mexico's central bank recently lowered its own 2015 economic growth forecast, to between 1.7 percent and 2.5 percent.

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