Mexico's central bank could modify its 2014 growth estimate again this year after first quarter growth proved even weaker than expected, Banco de Mexico governor Agustin Carstens said on Thursday.
The central bank lowered its growth estimate last month to a range of 2.3 to 3.3 percent from 3 to 4 percent after growth disappointed in the first quarter.
"The slowdown that we saw in the first quarter was deeper than we had anticipated," Carstens told reporters after appearing on a congressional panel. "That will possibly make us modify the growth range for this year in due course."
The central bank surprised markets by cutting its benchmark interest rate by 50 basis points to a record low of 3.0 percent on June 6 and then noted that March growth was even weaker than expected when it cut its forecast in May.
Source: Reuters
The central bank lowered its growth estimate last month to a range of 2.3 to 3.3 percent from 3 to 4 percent after growth disappointed in the first quarter.
"The slowdown that we saw in the first quarter was deeper than we had anticipated," Carstens told reporters after appearing on a congressional panel. "That will possibly make us modify the growth range for this year in due course."
The central bank surprised markets by cutting its benchmark interest rate by 50 basis points to a record low of 3.0 percent on June 6 and then noted that March growth was even weaker than expected when it cut its forecast in May.
Source: Reuters
