Mexico's central bank has lowered its economic growth forecast for 2016 to between 2 percent and 3 percent.

That range was down from 2.5 percent to 3.5 percent in the last quarterly report.

The report released Thursday covers the final quarter of 2015. The bank now predicts lower external demand due to less dynamic industrial activity in the United States and weaker demand from other countries.

The report also lowered its forecast for 2017 to a range of 2.5 percent to 3.5 percent. That was down from a 3 percent to 4 percent range in the previous report.

The adjustment comes as the Mexican peso against the dollar and oil prices have hovered near historic lows. Mexico's Treasury has not indicated whether it will adjust its forecast.