Mexico Central Bank Cuts GDP Forecasts With Key Rate at Record 11%
- Banxico sees 2023 GDP growth 1.6% from 1.8% three months ago
- Mexico expected to grow 1.8% in 2024 from 2.1% in Nov. report
Pedestrians on Madero Avenue in Mexico City, Mexico.
Photographer: Alejandro Cegarra/BloombergThis article is for subscribers only.
Mexico’s central bank trimmed its economic growth forecasts for this year and next, after raising borrowing costs more aggressively than expected in February.
Banxico, as the central bank is known, estimates that gross domestic product will expand 1.6% in 2023, according to the main scenario of its quarterly inflation report released Wednesday. That’s below the 1.8% seen in the previous report, which was published Nov. 30. For 2024, it forecasts growth of 1.8%, down from 2.1%.