Global rating agency Moody’s revised up its growth forecast for Mexico’s economy in 2023 to 3.3% from 2.4% in May.
The performance of the Mexican economy in the first half of the year exceeded expectations, and Moody’s attributed this adjustment to a combination of growth in public sector capital spending, investments related to nearshoring, and better-than-expected growth in the United States, its largest trading partner.
Moody’s projection is adjusted above the 3% forecast by the Bank of Mexico (Banxico).
Meanwhile, Moody’s maintained at 1.9% the growth expectation for the local gross domestic product (GDP) for 2024.
Last Wednesday, the Bank of Mexico announced that it raised its growth forecast to 3% for this year and considers that it could even be 3.5%.
