Mexico’s finance ministry has released a draft budget that predicts the country’s economy will grow between 2.5% and 3.5% this year before expanding by 2.0% to 3.0% in 2025. The central bank’s target of inflation is expected to be met with a decrease to 3.8% this year, down from the previous growth rate of 4.40%.
The peso is projected to weaken slightly from its current exchange rate of 17.8 pesos per dollar to 18.0 versus the U.S. currency in 2025, while crude oil production and exports are expected to remain stable, with an average of 1.85 million barrels per day in both years, according to official data.
Despite these projections, state-owned oil company Pemex’s crude output has been steadily declining since a peak of 3.4 million barrels per day two decades ago, impacting public finances significantly, as revealed by official data in February when Pemex pumped an average of only 1.55 million barrels per day of crude – its lowest level since 1979 – and resulting in lower crude exports that are expected to reach only 967,600 barrels per day this year and decrease further to
