2024 Draft Budget Shows Mexican Economy Expected to Grow Up to 3.5% | The Mighty 790 KFGO

According to a draft budget from Mexico’s finance ministry, the country is expected to see economic growth between 2.5% and 3.5% this year before expanding by 2.0% to 3.0% in 2025. Inflation in Mexico is projected to decrease to 3.8% this year, matching the central bank’s target of 3%, plus or minus one percentage point. The draft also foresees a further decrease in inflation to 3.3% in 2025, indicating a slowdown from the 4.40% growth rate seen in February.

The peso is expected to trade at around 17.8 pesos per dollar this year but will weaken slightly to 18 versus the U.S currency in 2025, according to the draft budget.

Average crude oil production for this year is forecasted at about 1.85 million barrels per day, with a slight increase of around one thousand barrels per day in 2025.

Official data reveals that state-owned oil company Pemex pumped an average of about one and a half million barrels per day of crude in February, its lowest level since 1979.

Pemex’s oil output has been steadily declining from a peak of about three and a half million barrels per day two decades ago, impacting public finances significantly.

Crude exports are expected to reach around about one million barrels per day this year and decrease slightly by around four thousand barrels per day next year.

In summary, the draft budget provides insight into Mexico’s economic projections for growth, inflation, currency exchange rates, and crude oil production and exports for the upcoming years. These forecasts are crucial for lawmakers as they plan future spending decisions in the country.

By Aiden Johnson

As a content writer at newspoip.com, I have a passion for crafting engaging and informative articles that captivate readers. With a keen eye for detail and a knack for storytelling, I strive to deliver content that not only informs but also entertains. My goal is to create compelling narratives that resonate with our audience and keep them coming back for more. Whether I'm delving into the latest news topics or exploring in-depth features, I am dedicated to producing high-quality content that informs, inspires, and sparks curiosity.

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