Economy & Business - December 2023

MEXICO | Banxico raises growth forecast. On 29 November, Mexico’s central bank (Banxico) 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 previous 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”. 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.