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Banco de México revises the low forecast of economic growth for 2017

The Bank of Mexico (Banxico) today revised downward its expectation of expansion of the Gross Domestic Product (GDP) of the country for this year, by passing it from a range of between 2.0 and 2.5% to one of between 1.8 and 2.3%, due to the earthquakes last September.

Mexico, Nov 22 (EFE) .- The Bank of Mexico (Banxico) revised downward today its expectation of expansion of the Gross Domestic Product (GDP) of the country for this year, by passing it from an interval of between 2.0 and 2.5% to one of between 1.8 and 2.3%, due to the earthquakes last September.

The earthquakes, which left a balance of 471 dead, "make it necessary growth for 2017, "although its consequences on economic activity" would seem to have been moderate and transitory, "said the issuing institute.

When presenting its report on the economic evolution of the country from July to September, Banxico highlighted that "the productive capacity of the country does not show signs of significant effects and it is anticipated that intensify reconstruction efforts.

Thus, the central bank maintained its forecast of economic growth for 2018 compared to the previous report, between 2.0 and 3.0 percent, in so much so that by 2019 it foresees an expansion rate between 2.2 and 3.2 percent.

"This forecast considers a contribution to the increasingly noticeable growth of the reforms structural effects, a favorable effect of the consolidation of the recovery of industrial activity in the USA. The balance of risks to growth has deteriorated and is on the downside, mainly due to the uncertainty associated with the renegotiation of the North American Free Trade Agreement. (NAFTA).

This uncertainty has kept investment at depressed levels and is possibly one of the causes of the slowdown in consumption, "he added.

On inflation, Banxico anticipated that the downward trend will continue until returning towards the end of next year to the goal of 3.0 percent.

The Governing Board "will closely monitor the evolution of all the determinants of inflation and its medium and long-term expectations ", and the convergence of this to its objective is achieved.

Last August, a table before the earthquakes, Banxico had revised up its forecast of GDP growth for 2017, to establish it in the range of 2% to 2.5% thanks to an improvement in global performance and an internal market flexible.

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