MEXICO CITY, April 15 (Reuters) - Mexico’s main construction industry group lowered its 2015 outlook for growth in production on Wednesday amid government budget cuts that have hit building projects.
Mexican construction chamber (CMIC) President Gustavo Arballo said growth in the sector as a component of gross domestic product will be between 3 and 3.5 percent in 2015. In December, the CMIC said in a presentation that it expected growth of 4.4 percent.
The government announced substantial budget cuts in January as a drop in global oil prices hit public finances. At the same time it suspended indefinitely a $3.75 billion high-speed rail project. (Reporting by Alexandra Alper; Editing by Peter Galloway)