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Mexico & Nafta - October 2019

Economic Highlights

Growth forecast: On 29 August Mexico’s central bank (Banxico) reduced its economic growth forecast for 2019 to 0.2%-0.7%, down from 0.8%-1.8% in March. The latest revised economic growth figures from Mexico’s national statistics institute (Inegi), show that seasonally adjusted GDP grew 0% in the second quarter of 2019 compared with the previous quarter, narrowly avoiding a technical recession, as GDP contracted 0.2% in the first quarter. Meanwhile a survey of local economists out by Citibanamex, the Mexican unit of Citigroup Inc has lowered the economic growth forecast for Mexico for 2019 to 0.4%, down from the 0.5% previously forecast. The Citibanamex survey expects inflation to drop to 3.21% this year, down from its previous estimate of 3.30%.

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