Bank of Mexico revises economic growth down in 2007

The Bank of Mexico said on Monday that it has revised its economic growth down to a range of 3 percent to 3.5 percent in 2007.

The revised figure was based on expected slower growth in the United States, according to the bank.

The bank previously estimated the growth as 3.25 percent to 3.75 percent this year. The Mexican economy grew 4.8 percent in 2006, the highest rate since 2000.

Remittances sent by Mexicans living abroad, which is the largest source of income in the country, increased 3.4 percent in the first quarter this year at a rate far below that of last year.

The growth of remittances began slowing down last year when it hit a record high of 15.1 percent of 23.05 billion U.S. dollars.

The bank contributed the decline to tougher U.S. border security measures and current difficulties for Mexicans to find new jobs in the United States.

Source: Xinhua