Aug 20, 6:35 PM EDT

Mexico's Treasury lowers GDP growth forecast, to 2-2.8 percent, as peso, oil prices slump


Buy AP Photo Reprints
Multimedia
A district summary of the Beige Book
Measuring economic stress by county nationwide
Mall malaise: shoppers browse, but don't buy
Unemployment by the numbers
Family struggles with father's unemployment
Saying an affordable goodbye
Hard times hit small car dealer
Latest Economic News
Doubts about China's ability to manage a tough economic transition sap investor confidence

3 reasons financial markets lost faith in China's economy and leadership, at a glance

Brazil's GDP plunges 1.9 percent in second quarter, putting nation in technical recession

Greece's economy grew by 0.9 percent in second quarter, faster than initially estimated

Japan reports inflation, household spending soften in July; incomes rise on bonus payments

Leader of the pack: US economy powers to 3.7 percent growth rate in the second quarter

Obama cites strong economic quarter, calls on Congress to pass budget without drama

Philippine economy grew 5.6 pct in the second quarter, slightly below government's target

With power and prestige at stake, China's Xi seen staying the course despite sliding economy

Chinese leaders struggle to reform economy while still maintaining steady growth

Interactive
Drug Lords' Aliases
Mexican cartels reaching farther into U.S.
Interactives
Greece's Debt Threatens to Spread
State budget
gaps map
Auto industry problems trickle down, punish Tennessee county
Women give old Derby hats a makeover in tough economy
S.C. town deals with highest unemployment in South
How mortgages were bundled and sold as securities
Tracking the $700 billion financial bailout
Tracking the year's job losses
State-by-state foreclosures since 2007
Credit crisis explained
Presidents and their economic legacies
Lexicon of the financial crisis
Americans' addiction to debt

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.

© 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Learn more about our Privacy Policy and Terms of Use.