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Mexico cuts estimated GDP growth in 2016 to 2.2%-3.2%

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Staff writer ▼ | May 23, 2016
The Mexican government reduced its estimate of the nation's economic growth in 2016 to between 2.2 and 3.2 percent, 0.4 percent less than projected last September, due to "unfavorable conditions."
Mexican president
Economy of Mexico   Significant and favorable quarterly growth
Deputy Finance Secretary Fernando Aportela adjusted the GDP forecast after the National Institute of Statistics and Geography, or INEGI, announced that the economy had grown 2.8 percent in the first quarter of 2016 over the same period in 2015, according to seasonally adjusted figures.

He attributed the cutback to the economic evolution of the U.S., Mexico's chief trade partner, with its annualized GDP increase of 0.5 percent in the first quarter of 2016, with the downward adjustment of its growth rate for 2016 from 2.5 to 2 percent, and above all, with its expectations of a dip in industrial production.

Aportela described as "significant and favorable" Mexico's quarterly growth, driven by the internal market in a "complicated" global market that led the International Monetary Fund, or IMF, to revise its projections downward.