Mexico's central bank cut on Tuesday its economic growth forecast for this year due to an expected drop in oil production and lower external demand in the first quarter.

The bank said it now expects the economy to grow in a range between 2.0 and 3.0 percent, down from a previous forecast of 2.5 percent to 3.5 percent.

The "weak" recovery of consumer spending in Mexico's second largest economy also affected the forecast, the bank said in its first quarter inflation report.

The bank had already lowered the annual growth outlook in February, from 3.0-4.0 percent to 2.5-3.5 percent due to the sharp drop in global oil prices.