The official added that the forecast of 3% is maintained until the pre-criteria are presented next April.
“You have to be disciplined, we are not going to set out with a different goal. We have to wait for the latest figures, most likely we will have it during the first quarter, so that we have the opportunity to see what is the trend that is manifesting itself for this year,” he highlighted during a press conference after participating in Citibanamex Plenary 31.
Ramírez de la O added that the 3% growth target for GDP is a figure that is used internally.
“(The growth rate of) 3% that we have for 2023 is an indicator for us, but we make them public because we are obliged to share them with Congress and publish them, but they are not forecasts,” he said.
The official stressed that to make his estimates of income and expenses, ranges are made and the highest part is used. In this year’s economic package, the range of economic growth is between 1.9 and 3%.
“The signs of confidence are encouraging (…) In 2023 we are using the upper part of the range because we are seeing that economic activity continues to be very strong in the United States and the scenario that it was going to enter a recession is not being fulfilled,” added Ramírez de la O.
This week, the Bank of Mexico lowered its estimates for the Mexican economy and estimated that it will grow 1.6% from the previously estimated 1.8%.
Prospects for 2024 have also dimmed. Banxico highlighted that the reduction in forecasts responds to the deterioration of growth expectations in the United States.
