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Mexico's Central Bank Trims GDP Outlook

Mexico's central bank has lowered its growth projections for the economy, saying that a weaker-than-anticipated public spending, fragile construction sector and an uncertain external environment dampened outlook.

In its latest inflation report released Wednesday, the Banco de Mexico slashed its gross domestic product forecast for 2013 to 0.9-1.4 percent from 2-3 percent previously. The outlook for 2014 was also lowered to 3-4 percent from 3.2-4.2 percent.

The bank sees inflation at around 3.5 percent by the end of this year. The rate may fluctuate around that level in 2014 and then take a downward trajectory to settle around the bank's target of 3 percent in 2015, according to the report.

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