The Mexican unit of Spanish financial group BBVA on Thursday trimmed its Mexican growth forecast for 2013 from 3.1 percent to 2.7 percent.
While growth "will accelerate in the second half of this year, all the first-half data we have available shows there was significant weakness and that has forced us to revise our forecast," BBVA's chief Mexico economist, Carlos Serrano, said.
Looking ahead to next year, BBVA Bancomer left its forecast for Mexican gross domestic product growth in 2014 unchanged at 3.2 percent.
The factors contributing to Mexico's first-half economic slowdown included a decline in industrial output, which fell more than in the United States, the bank noted.
Serrano said that was due to a drop in exports to the United States, as well as to strictly "local factors."
He also cited "weak external demand in the manufacturing and oil" sectors, the latter resulting in a drop in the price of crude and lower sales.
BBVA Bancomer said on a positive note, however, that Mexico was "maintaining its competitiveness in the United States," its largest trade partner.
A recovery in that country, therefore, will be good news for Mexico's economy as well, Serrano said.
BBVA Bancomer forecasts Mexican GDP growth of 3 percent in the second half of 2013 in part thanks to "better U.S. economic performance."
The institution said Mexico remains attractive for foreign investors although capital inflows have fallen since the start of the year. EFE