May 20, 7:19 PM EDT

Mexico is lowering its economic growth forecast for 2016, citing what it calls "adverse" international conditions including sluggish industrial production in the United States

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AP Photo/Rebecca Blackwell

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MEXICO CITY (AP) -- Mexico is lowering its economic growth forecast for 2016, citing what it calls "adverse" international conditions including sluggish industrial production in the United States.

The Treasury Department is now predicting GDP expansion of 2.2 percent and 3.2 percent this year. That's down from its previous forecast of 2.6 percent to 3.6 percent.

Deputy Treasury Secretary Fernando Aportela said Friday that Mexico's economy is also being hurt by volatility in financial markets and low prices for oil, a key export.

Nearly 80 percent of Mexican exports go to the United States.

Mexico's central bank also lowered its growth forecast recently, to between 2 percent and 3 percent.

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