Mexico's central bank said Friday it has seen no signs the economy is bouncing back from a slowdown at the close of 2013 and the beginning of this year.
"A clear recovery has not yet been observed in the different components of aggregate demand, which ... have been affected in recent months, primarily due to transitory phenomena," the Bank of Mexico said in a statement.
"Exports, consumption and private investment still are not showing clear signs of acceleration" despite "greater dynamism" in public spending, it added.
The institution said "slack conditions prevail" in the overall economy and that the "balance of risks to economic growth has not markedly improved."
Aggregate demand-related pressures on inflation also have not been observed, the central bank said.
The Bank of Mexico said the global economy experienced a moderate recovery at the start of the year and forecast that the U.S. Federal Reserve would continue to normalize its monetary policy.
"In summary, the outlook for global economic growth has improved, although significant downward risks" remain, the central bank said.
Mexico's economy grew 1.1 percent in 2013, far below the government's initial forecast; President Enrique Peña Nieto's administration is forecasting growth of 3.9 percent for this year.