Mexico City  - Experts from 31 teams of private financial analysts have estimated that Mexico's GDP is set to shrink by 1.16 per cent during 2009, the country's Central Bank said Tuesday.

The same group, consulted by the Mexican Central Bank last month, estimated 1.62 per cent negative growth for the quarter ending in March.

In early January the bank estimated that the Mexican economy would shrink by 0.8-1.8 per cent this year, amid the severe global financial crisis.

Finance Minister Agustin Carstens, however, remained optimistic. He said last month that the government expects the Mexican economy "not to grow, but also not to shrink."

"Our central prediction is that we will stay on zero," he said.

Private sector experts also estimated that the country's inflation rate for 2009 would be 4.12 per cent. dpa