Exclusive-Mexico budget sees lower growth, slower inflation in 2024 -draft
2023.09.08 16:10
© Reuters. A woman buys vegetables at a market stall in Mexico City, Mexico February 22, 2019. REUTERS/Daniel Becerril
By Ana Isabel Martinez
MEXICO CITY (Reuters) -Mexico’s finance ministry expects economic growth to slow in 2024 to around 2.4% from some 3% this year, according to draft budget forecasts seen by Reuters on Friday.
The ministry did not immediately respond to a request for comment about the forecasts, which were in a draft document and confirmed by a source familiar with the matter.
The draft was not dated, but the source said the figures were up to date.
The ministry is due to present the official 2024 budget to lawmakers in Congress later on Friday.
According to the document, the government estimates that headline inflation will ease to 3.8% at the end of 2024 from 4.5% at the close of this year.
The budget assumes an average export price of $56.7 per barrel next year, the document said, well below the average of around $68 in the first eight months of 2023.
The numbers align with recent forecasts from the Bank of Mexico.
Mexico’s central bank, known as Banxico, last week estimated headline inflation would be 4.6% in the fourth quarter of this year and said it expects inflation to approach the bank’s goal of 3% in the fourth quarter of 2024.
In addition, it predicted gross domestic product (GDP) growth will be within a range of 1.3%-2.9% next year.
