Mexican Economy Grew 2.3% In 2016

MEXICO CITY, Feb 1, (UrduPoint / Pakistan Point News - 01st Feb, 2017 ) - Mexico's economy grew by 2.3 percent in 2016, a better than expected performance but slower than the previous year, government figures released Tuesday showed.

Growth was 0.2 percentage points higher than what analysts had forecast and within the government's expectations, said the head of the finance ministry's economic planning unit, Luis Madrazo. The economy expanded by 2.5 percent in 2015.

The national statistics institute, meanwhile, said the economy slowed to 0.

6 percent growth in the fourth quarter compared to 1.0% in the previous three-month period. Donald Trump's victory in the US presidential election in November rocked the peso and raised concerns that his vow to renegotiate the North American Free Trade Agreement could pummel Mexico's economy.

In November, the central bank downgraded its 2017 growth forecast to a range between 1.5-2.5 percent, compared to 2.0-3.0 percent in the previous forecast. Tuesday's estimates are preliminary. Final figures will be released on February 22.