The International Monetary Fund (IMF) lowered its outlook for Mexico's economic growth this year from 2.1%, down from its initial projection of 2.5% back in July.
The IMF's new estimate for 2017 is 2.3%, down 0.3 percentage points, due in part to the United State's forecast, which was also lowered by the IMF by 0.6 percentage points and which ultimately hurt Mexico's export market.
At this year's fall meeting of the World Economic Outlook (WEO), the organization noted that when compared to the report it released in April of this year, Mexico's expected annual GDP was lowered by 0.3 percentage points for 2016 and 2017.
“Due to the weaker-than-expected performance of exports during the first half of the year, the economy will grow 2.1% this year; we expect a modest increase to 2.3% in 2017 as a result of an increase in external demand of Mexican goods and 2.9% in the medium term due to wellfounded structural reforms,” said the WEO.