Bank of Mexico lowers GDP growth estimate

Slow economic activity from last year continues into the first quarter

Bank of Mexico

The Bank of Mexico (Banxico) estimates the country’s GDP will grow by 2.4% this year, down from 2.8% in late February

The central bank included the forecast in a report on the first quarter of 2024, published on May 29. It said the downgrade was due to prolonged weakness in economic activity from the last quarter of 2023, which continued into the first part of this year. Its range of expected GDP growth outcomes stands at 1.9–2.9%. The estimate for GDP growth next year remains unchanged at 1.5%.

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