Banxico Boosts Mexico Growth Forecasts Amid Services Rebound
- Banxico sees 2023 GDP growing 1.8% from 1.6% three months ago
- Mexico expected to grow a faster-than-forecast 3% this year
The Bank of Mexico in Mexico City.
Photographer: Susana Gonzalez/Bloomberg
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Mexico’s central bank boosted its growth forecast for this year and next despite a possible recession in the US, the country’s biggest trading partner, as the services sector recovered in the third quarter.
Banxico, as the central bank is known, sees gross domestic product expanding 1.8% in 2023 in the main scenario of its quarterly inflation report released Wednesday. That’s above the 1.6% expected in its previous report three months ago. For this year, the economy is seen growing 3%, also an improvement from the 2.2% previous estimate.