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Financial analysts have revised their 2014 economic growth forecast for Mexico downward to 2.77 percent from 3.01 percent, the Bank of Mexico said, citing its monthly survey on the economic outlook for the country.
Analysts lowered their estimates for gross domestic product growth following the Finance Secretariat’s May 23 decision to trim its 2014 growth forecast from 3.9 percent to 2.7 percent due to weakness in economy.
Mexico’s economy grew just 1.8 percent in the first quarter of this year.
The Bank of Mexico revised its 2014 GDP growth forecast downward from a range of 3 percent to 4 percent to between 2.3 percent and 3.3 percent on May 21.
Analysts also trimmed their 2015 economic growth forecasts from 3.91 percent to 3.87 percent, while lowering their GDP growth projection from 4.08 percent to 4.06 percent for 2016.
Financial analysts expect the 2014 inflation rate to be 3.85 percent, while the exchange rate should end the year at 12.96 pesos per dollar.
Mexico will post a merchandise trade deficit of $4.36 billion and a current account deficit of $22.41 billion this year, with foreign direct investment totaling $24.48 billion, analysts said.
The central bank surveyed 39 Mexican and foreign economic analysis and consulting firms between May 24 and May 30.