"Trajineras" are berthed on the lake of Xochimilco, in Mexico City, capital of Mexico, April 27, 2022. (Xinhua/Xin Yuewei)
For 2024, analysts downgraded expected growth in Mexico's GDP from 1.8 percent to 1.7 percent on average, according to the bank's survey of analysts at 37 financial groups.
MEXICO CITY, May 2 (Xinhua) -- Private-sector financial analysts upgraded Mexico's economic growth forecast for 2023 from 1.4 percent to 1.6 percent, a survey by the Bank of Mexico (Banxico) showed on Tuesday.
For 2024, analysts downgraded expected growth in Mexico's GDP from 1.8 percent to 1.7 percent on average, according to the bank's survey of analysts at 37 financial groups.
The Mexican economy, Latin America's second-largest after Brazil, grew 3.1 percent in 2022, down from the 4.7 percent growth the previous year.
On inflation, analysts lowered their earlier forecast for the year, from 5.15 percent to 5.05 percent, according to the survey carried out on April 19-27.
Mexico closed 2022 with inflation at 7.82 percent, its highest level in two decades, driven by global price hikes caused by the COVID-19 pandemic, among other factors.
Banxico has set target inflation at 3 percent, with a 1 percentage point margin above or below that figure.
Regarding the Mexican peso, analysts expect the national currency to trade at 19.13 pesos to the U.S. dollar by the end of the year to close stronger than the 19.44 pesos to the dollar they had previously projected a month ago. ■
