Mexican growth suffers as remittances slide

The Bank of Mexico has cut its growth estimate for this year on evidence that remittance payments from US-based migrant workers are falling.

The central bank said in its latest quarter Inflation Report that it was revising downwards its growth forecast for 2008 from between 2.4-2.9% to 2.25-2.75%.

At $11.6 billion, remittances for the first half of this year were 2.2% down on the total for the equivalent period in 2007. Remittance payments were 1.1% lower for the second quarter of this year t