Mexico City. Economic analysts consulted by Citibanamex lowered their growth projection for this year from 1.7 to 1.5 percent, according to the latest Expectations Survey of the financial institution.
According to the survey, conducted every two weeks among analysts from banks, brokerage firms, consulting firms, among others, Barclays and Masari Casa de Bolsa are the institutions with the highest forecast, considering that GDP growth will be 2 percent, followed by Epicurus Investments and Banorte, which anticipate that activity will expand at an annual rate of 1.9 percent.
The specialists consulted by Citibanamex also made a cut to the growth estimate for next year, from 1.5 to 1.4 percent.
BdeM rate cut in September
According to the document, experts anticipated that at the September monetary policy meeting, the governing board of the Bank of Mexico (BdeM) will make a new cut to the reference rate and it will be by a quarter of a percentage point.
The central bank’s reference rate will thus be reduced from 10.75 to 10.5 percent.
“While all participants anticipate that the next move will be a 25 basis point cut, 28 project it for September, while six see it in November and two until December,” Citibanamex said.
According to the experts consulted by the bank, the target will end the year at 10.25 percent, followed by 8.25 percent.
Regarding the exchange rate, experts anticipate that it will close the year at a level of 19.5 pesos per dollar, while for inflation, they project it will be at 5.1 percent.
#Citibanamex #survey #reduces #growth #projection
– 2024-09-16 16:11:58
