Treasury rules out contraction at the end of the year

The Ministry of Finance and Public Credit (SHCP) ruled out that the Mexican economy will contract at least in the fourth quarter, since its prospects are solid.

External and internal conditions do not give us a perspective or something that anticipates that there will be a contraction in the next quarter; seems to be difficult. Even if we didn’t grow, the economy already has a growth base of 1.4 to 1.5 percentsaid Rodrigo Mariscal, head of the agency’s Economic Planning Unit.

At a press conference to present the Report on the economic situation, public finances and public debt for the third quarter of 2024, the official was asked about the downward revisions to Mexico’s economic growth forecasts.

Financial institutions and organizations such as the International Monetary Fund (IMF) estimate on average an expansion of gross domestic product (GDP) of 1.5 percent in 2024.

There are two types of forecasts: those that are wrong and those that are lucky. What we are going to be seeing is how analysts are thinking about the Mexican economy for the rest of the year and nexthe added.

Perspectives solid

To the same question, Édgar Amador Zamora, Undersecretary of the Treasury, declared in his first press conference in office: “The economy is solid; The prospects going forward are the same: solid.

I believe that all the economic variables are in line, they point towards a continuous expansion of the product (GDP), of employment, of the wage bill; I think we have a good short and medium term scenariohe added.

Yesterday morning, the National Institute of Statistics and Geography (Inegi) reported that the Mexican economy grew 1 percent in the third quarter, after an advance of just 0.2 in the second quarter of the year.

The data that just came out was pretty solid, pretty good; there is a recovery after a few quarters of slow expansionsaid Amador Zamora.

Rodrigo Mariscal commented that in the first half of the year supply shocks were observed that limited productive capacity and pressured prices to a certain extent.