US

Mexico lowers 2016 GDP forecast, sees 2.2 to 3.2 pct growth

  • Butcher Nino Canon sharpens his knives as he prepares meat for sale, in Mercado Medellin in Mexico City, Friday, May 20, 2016. Mexico is lowering its economic growth forecast for 2016, citing what it calls "adverse" international conditions including sluggish industrial production in the United States. (AP Photo/Rebecca Blackwell)

    Butcher Nino Canon sharpens his knives as he prepares meat for sale, in Mercado Medellin in Mexico City, Friday, May 20, 2016. Mexico is lowering its economic growth forecast for 2016, citing what it calls "adverse" international conditions including sluggish industrial production in the United States. (AP Photo/Rebecca Blackwell)  (The Associated Press)

  • A man bikes past vegetable stands inside Mercado Medellin in Mexico City, Friday, May 20, 2016. The tomatoes are marked down to the sale price of six pesos per half kilogram, or about .33 cents for one pound. Mexico is lowering its economic growth forecast for 2016, citing what it calls "adverse" international conditions including sluggish industrial production in the United States. (AP Photo/Rebecca Blackwell)

    A man bikes past vegetable stands inside Mercado Medellin in Mexico City, Friday, May 20, 2016. The tomatoes are marked down to the sale price of six pesos per half kilogram, or about .33 cents for one pound. Mexico is lowering its economic growth forecast for 2016, citing what it calls "adverse" international conditions including sluggish industrial production in the United States. (AP Photo/Rebecca Blackwell)  (The Associated Press)

  • Market vendor Virdinia Carreto is reflected in a mirror as she cleans the pathway in front of the stall where she sells medicinal herbs, candles, incense, magic potions and religious icons, in Mercado Medellin in Mexico City, Friday, May 20, 2016. Mexico is lowering its economic growth forecast for 2016, citing what it calls "adverse" international conditions including sluggish industrial production in the United States. (AP Photo/Rebecca Blackwell)

    Market vendor Virdinia Carreto is reflected in a mirror as she cleans the pathway in front of the stall where she sells medicinal herbs, candles, incense, magic potions and religious icons, in Mercado Medellin in Mexico City, Friday, May 20, 2016. Mexico is lowering its economic growth forecast for 2016, citing what it calls "adverse" international conditions including sluggish industrial production in the United States. (AP Photo/Rebecca Blackwell)  (The Associated Press)

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 hit 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, the country's main trade partner.

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