The 2014 figure was better than the lackluster 1.1 percent growth posted in 2013.
The government had been more optimistic for 2014 when it initially forecast 3.9 percent growth last year.
But officials adjusted their expectations in recent months, saying in November that 2014 growth would land between 2.1 percent and 2.6 percent.
The National Statistics Institute said growth settled at 2.1 percent last year.
Citing the falling oil prices, the Mexico Central Bank lowered its forecast for 2015 this week, from a range of 3.0-4.0 percent to 2.5-3.5 percent.
The collapse of crude prices forced the government to slash $8.2 billion from its budget, drop a multibillion dollar bullet train project and withdraw from hosting the 2017 world swimming championships.