Mexico says economy grew 2.1 percent in 2014, buoyed by 4th-quarter upturn

Energy Associated Press

Mexico is reporting that its economy grew 2.1 percent in 2014, buoyed by improved performance toward the end of the year.

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The National Statistics Institute says GDP expanded 2.6 percent in the fourth quarter compared to the same period in 2013. It was the strongest quarter of 2014.

The institute said the strongest performance came in agriculture with 2.8 percent annual growth. Services followed at 2.2 percent, and mining and industry at 1.9 percent.

Friday's announcement comes amid concerns that Mexico's economy could suffer this year if global oil prices remain low. Mexico relies on crude exports for about a third of its income.

On Wednesday, the Central Bank lowered its 2015 growth forecast from between 3 percent and 4 percent, to between 2.5 percent and 3.5 percent.