Mexico's government sharply lowered its growth forecast for this year on Thursday after the economy grew by a meager 0.4% in the first quarter, hit by slumping oil prices.
The finance ministry said it expected Latin America's second biggest economy to expand by between 2.2 and 3.2% in 2015, compared to a previous forecast of 3.2 to 4.2%.
The announcement came shortly after the national statistics institute posted the disappointing first quarter growth figure of 0.4% compared to the previous three months.
On an annual comparison, the economy grew by 2.5% between January and March compared to the same period last year.
The central bank cut had already Mexico's growth forecast on Tuesday, citing a drop in oil production and low external demand due to weak growth in the neighboring United States.
The bank said it now expects the economy to grow in a range between 2.0 and 3.0%, down from a previous forecast of 2.5% to 3.5%.
Copyright Agence France-Presse, 2015
