The Mexican economy slowed down in the fourth quarter of 2023, registering an increase of 0.1 percent compared to the third quarter and 2.4 percent compared to the fourth quarter of last year. These increases were below market consensus.
“The fourth quarter GDP recorded quarterly growth of 0.10 percent, falling below expectations and confirming a strong slowdown in economic activity during the last three months of 2023,” Banco Base reported in a research note.
The most recent estimates from the Mexican central bank, regarding the GDP forecast for 2024, are 2.3 percent growth; However, with today's information from Inegi, the Bx+ brokerage firm cut its forecast.
“We expect this growth to moderate in 2024 to 1.9 percent, due to lower external economic growth and a restrictive monetary policy, in addition to the fact that the fight against inflation persists,” Bx+ reported in a research note.
With the most recent data, from 2022, the World Bank places Mexico as the fourteenth largest economy in the world with a GDP of $1.47 trillion.