Mexico central bank raises 2017 growth forecast

6/1/2017 Financial Times

4350685550_dbd28c7e50Mexico’s central bank has revised its 2017 growth forecast again – and for once, it’s gone up.

The bank, known for its prudence, nudged up its growth estimate for this year to between 1.5 and 2.5 per cent, compared with a previous target of 1.3 to 2.3 per cent, on the back of better than expected first quarter data, writes Jude Webber in Mexico City.

The increase, in line with increasing optimism among financial analysts, came after five cuts on the trot to the bank’s official growth outlook.

Mexico’s GDP increased 0.7 per cent in the first quarter from the fourth and was higher than an earlier reading of 0.6 per cent. Meanwhile, on a year-on-year basis, the economy expanded 2.8 per cent during the first quarter, a touch ahead of initial estimates for growth of 2.7 per cent and a step up from the 2.3 per cent pace recorded in the fourth quarter.

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