Mexico City, Feb 19 (EFE).- Mexico's central bank has lowered its growth forecast for 2015 from a range of between 3 percent and 4 percent to a range of between 2.5 percent and 3.5 percent, saying the macroeconomic climate has become less favorable since its previous report.
Bank of Mexico Gov. Agustin Carstens said Wednesday in presenting the assessment that the lower forecast is due to a drop in global oil prices, volatility in international financial markets and the lack of "clear signs" of a recovery in consumer spending.
The monetary authority also cut its forecast for Mexican gross domestic product growth in 2016 from a range of between 3.2 percent and 4.2 percent to a range of between 2.9 percent and 3.9 percent.
Carstens said an inflation rate of around 3 percent is forecast for both 2015 and 2016.
Referring to the Mexican government's Jan. 30 announcement that it will slash planned spending by $8.6 billion due to the sharp drop in the price of the Aztec nation's crude basket, Carstens said the cuts are "quite conservative."
The central bank chief expressed confidence that Mexico will maintain its financial stability and that recent structural reforms, including overhauls of the energy and telecommunications sectors, will be adequately implemented and serve as sources as additional economic growth.