MEXICO CITY (AP) — Mexico’s central bank has lowered its economic forecast for the fourth quarter, predicting a performance between minus 0.2% and plus 0.2% because of slowing activity in the automobile sector.
The darker outlook continues the economy’s stagnation since the final quarter of 2018.
Still, President Andrés Manuel López Obrador said Wednesday the economy is doing well. He said that “there isn’t the growth we wanted, but there is better income distribution, there’s well-being and the economic growth is going to increase little by little.”
But the Bank of Mexico also lowered its forecast for 2020 to an increase of 0.8% to 1.8%. It previously forecast a gain of 1.5% to 2.5%.
The bank cited trade tensions with the U.S. and delays in approval of the new North American trade accord.