*Mexico’s central bank (Banxico) has released its quarterly report for the third quarter of the year raising its 2023 GDP growth forecast to 3.3%, up from 3% in its previously quarterly report. It also revised up its 2024 economic growth forecast to 3% up from 2.1%. Banxico said Mexico’s economy was benefiting from “resilient external demand and dynamism of domestic spending”. The Organization for Economic Co-operation and Development (OECD) also lifted its GDP growth estimate for Mexico to 3.4% in its latest GDP growth forecast released yesterday, up from 3.3% in its previous September forecast. Mexico’s GDP expanded 1.1% in the third quarter of 2023 compared with the previous quarter. In its latest quarterly report, Banxico also forecast that headline inflation would close 2023 at 4.4%, down from 4.6% in its previous quarterly report. Banxico opted to maintain its benchmark interest rate at 11.25% earlier this month, where it has been held since March.
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