Banxico raises its forecast for Mexico’s GDP.

The Bank of Mexico (Banxico) has raised its GDP growth forecast for this year, expecting it to rise to 1.5%. The updated forecast is the midpoint of the expected range of 1% to 2%, a range that has narrowed from the 0.5% to 2.8% projected three months ago.

In presenting this quarterly report, Bank of Mexico Governor Victoria Rodriguez Ceja stated that a moderate acceleration in quarterly growth was expected during the first quarter, driven by domestic consumption and a slowdown in investment, and that slack in the economy is expected to persist throughout the forecast period.

It is important to note that this is the third consecutive adjustment to Banxico’s GDP growth forecast since last November, when growth of 1.1% was expected. Then, in February, they projected a one-time increase in GDP of 1.6%.}

The conference call for this quarterly earnings report is now underway.