• Sat. May 18th, 2024

Mexico’s Economy Set for Slow Growth with Inflation Decrease and Weakening Peso: Budget Forecast

BySamantha Jones

Mar 27, 2024
2024 Draft Budget Shows Mexican Economy Expected to Grow Up to 3.5% | The Mighty 790 KFGO

The Mexican economy is projected to grow at a rate of between 2.5% and 3.5% this year, with an expansion of 2.0% to 3.0% in the next five years, according to a draft budget from Mexico’s finance ministry. Inflation in Mexico is expected to decrease to 3.8% this year, aligning with the central bank’s target of 3%, plus or minus one percentage point. This marks a slowdown from the 4.40% growth rate in consumer prices seen in February, indicating a positive outlook for the country’s economic future.

The peso is forecasted to trade at an exchange rate of 17.8 pesos per dollar this year, but is projected to weaken slightly to 18.0 versus the U.S. currency in 2025, according to official data from Mexico’s finance ministry. Average crude oil production for this year is expected at 1.85 million barrels per day, with a slight increase to 1.86 million barrels per day in the next five years, with state-owned oil company Pemex pumping an average of only 1.55 million barrels per day in February, its lowest level since 1979 and impacting public finances significantly

By Samantha Jones

As a dedicated content writer at newszxcv.com, I bring a passion for storytelling and a keen eye for detail to every piece I create. With a background in journalism and a love for crafting engaging narratives, I strive to deliver informative and captivating content that resonates with our readers. Whether I'm covering breaking news or delving into in-depth features, my goal is to inform, entertain, and inspire through the power of words. Join me on this journey as we explore the ever-evolving world of news together.

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