Mexico's central bank lowers growth forecast on low oil prices
{{#rendered}} {{/rendered}}
Mexico's central bank reduced its growth forecast for the economy citing a "less favorable" environment due to the drop in oil prices and a potential cut in oil production.
The Bank of Mexico estimated that the gross domestic product could grow between 2.5 percent and 3.5 percent in 2015, a reduction from its earlier forecast of between 3 percent and 4 percent.
Low oil prices have already led Mexico to cut spending, though the secretary of finance differs from the central bank in maintaining that it should not affect growth projections.
{{#rendered}} {{/rendered}}
The central bank said it expects oil prices to remain below levels that persisted until mid-2014 and had risen above $100 per barrel. A barrel now sells at half that price.