The Mexico Central Bank may cut its economic growth estimate for 2014 after activity likely disappointed in the first quarter, bank board member Manuel Sanchez told Reuters on Saturday.
Sanchez acknowledged that the Mexican economy grew more slowly than the bank had expected in the first three months of the year, but recent trade data shows that the weak performance will likely be transitory. "We likely had a weaker first quarter than originally expected, but for the rest of the year we expect the economy to grow in line with the expectations of most economists," Sanchez said in the sidelines of a Institute of International Finance forum in Costa do Sauipe. When asked if the central bank planned to revise down its economic growth estimate Sanchez said: "its probable... we don't know by what degree." In its last quarterly inflation report, the central bank maintained its growth estimate at between 3.0 percent and 4.0 percent. The bank is scheduled to publish its next report with forecast revisions in May. Mexican Central Bank Governor Agustin Carstens said on Friday that economic growth in the first quarter was affected by slower growth in the United States and poor weather.
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