*Mexico’s central bank (Banxico) has released its quarterly report for the second quarter of the year, raising its 2023 GDP growth forecast to 3%, up from 2.3% in its previous quarterly report. It also revised its 2024 economic growth forecast to 2.1%, up from 1.6%. Banxico stated that Mexico’s economic activity had “remained resilient”, which it attributed to “good performance of domestic spending” in general and “good performance of both secondary and tertiary activities” in the second quarter. The bank also slightly lowered its headline inflation forecast for the end of 2023 to 4.6%, down from 4.7% in its previous report. However, it raised its core inflation forecast to 5.1%, up from 5% previously. In the report, Banxico was clear that it would not be enacting any cuts to its benchmark interest rate, which is currently held at 11.25%, any time soon.
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