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Mexican economic growth in 2014

Mexican economic growth in 2014

Posted by Jesus Mendoza on February 20, 2015

Mexico's economy grew 2.1 percent in 2014 on the strength of improved performance toward the end of the year, the government's National Statistics Institute reported Friday.

Gross domestic product expanded 2.6 percent in the fourth quarter compared to the same period in 2013, the institute said. It was the economy's best quarter of 2014.

The strongest performance came in agriculture with 2.8 percent annual growth. Services followed at 2.2 percent, and mining and industry at 1.9 percent.

The announcement came amid concerns that Mexico's economy could suffer this year if global prices remain low for oil, which the country relies on for about a third of its national budget.

On Wednesday, the Central Bank lowered its 2015 growth forecast from between 3 percent and 4 percent, to between 2.5 percent and 3.5 percent.

The government and state oil company Pemex recently announced cuts to their budgets. Mexico also called off a planned high-speed rail project that would have been the first of its kind in the country.

 

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