Mexico's Treasury lowers GDP growth forecast to 2 to 2.8 pct

Staff Writer
Columbus CEO

MEXICO CITY (AP) — The Mexican Treasury Department is lowering its economic growth forecast for 2015 to between 2 percent and 2.8 percent.

The new figure is down from a previous projection of 2.2 percent to 3.2 percent GDP growth.

Thursday's adjustment comes as the Mexican peso is at a historic low against the U.S. currency, closing at 16.52 per dollar the previous day.

Analysts attribute the slide to an expected interest rate hike in the United States and lower prices for oil, a main driver of the Mexican economy.

Mexico's central bank also recently lowered its own 2015 economic growth forecast, which is currently 1.7 percent to 2.5 percent.