Bank of Mexico Reduces Prospects of Economic Growth
- Details
- Published: Thursday, 23 November 2017 11:27
- Hits: 141
Photo: PLMexico, Nov 23.- The Bank of Mexico (Banxico) reduced prospects of annual economic growth due to a lower production related to the effects of September earthquakes and the fall in oil production.
Banxico had a growth estimate ranging from 2.0 percent to 2.5 percent, which fell from 1.8 percent to 2.3 percent.
Banxico kept its growth forecast for 2018 with a range of two to three percent.
Mexico was hit by two devastating earthquakes in September that claimed the lives of at least 470 people and left thousands of houses and buildings destroyed, among other damages.
At the same time, Mexican oil production reached the lowest rates in decades, averaging 1.73 million barrels per day, so far this year, while Petroleos Mexicanos (Pemex) is seeking to return to two million barrels a day.
Banxico considers also that the results of the ongoing negotiations for updating the North American Free Trade Agreement, which is made up of Mexico, the United States and Canada, could harm the economy. (PL)
