Mexico's economy grew 2.1 per cent in 2014 on the strength of improved performance toward the end of the year, the government's National Statistics Institute reported Friday.
Gross domestic product expanded 2.6 per cent in the fourth quarter compared to the same period in 2013, the institute said. It was the economy's best quarter of 2014.
The strongest performance came in agriculture with 2.8 per cent annual growth. Services followed at 2.2 per cent, and mining and industry at 1.9 per cent.
The announcement came amid concerns that Mexico's economy could suffer this year if global prices remain low for oil, which the country relies on for about a third of its national budget.
On Wednesday, the Central Bank lowered its 2015 growth forecast from between 3 per cent and 4 per cent, to between 2.5 per cent and 3.5 per cent.
The government and state oil company Pemex recently announced cuts to their budgets. Mexico also called off a planned high-speed rail project that would have been the first of its kind in the country.
The value of Mexican crude has plummeted since topping $100 a barrel last year and was trading at just above $50 a barrel this week.
This content appears as provided to The Globe by the originating wire service. It has not been edited by Globe staff.