Mexico's central bank predicts economic growth

Mexico's central bank is holding its benchmark interest rate at 4.5 percent for the fourth consecutive month.

The bank has spent much of the year cutting rates to spur growth for the recession-wracked economy.

The economy grew 2.9 percent in the third quarter over the previous one, but officials estimate Mexico's GDP will fall about 7 percent overall in 2009.

The bank estimates inflation will be around 4 percent at the end of 2009, above its goal of 3 percent, but continuing a downward trend.

The bank decided Friday to not change the rate, which has not been raised since August 2008.

Mexico sends 80 percent of its exports to the United States and took the hardest hit from the global crisis of any Latin American economy.