By 2023, the capital authorities estimate that the economy of Mexico City will present a growth of up to 3%, a rate that would exceed the increase expected for last year of 2.8 percent.
This acceleration trend that would be drawn next year would boost all Mexican economic activity, since Mexico City is the largest economy in the country with a contribution of 15.3% of the national Gross Domestic Product (GDP).
In accordance with the Economic Package of this 2023, the Ministry of Administration and Finance projected that the economic activity of the country’s capital will be in tune with the growth of the national economy this year, based on what was achieved in 2022.
Precisely, the document foresees that the local economy has closed with a growth in a range between 2.8 and 3.5% last year, meanwhile, “an economic growth range for the country between 1.9 and 2.9% is estimated for 2022, with a punctual estimate of 2.4% at the end of 2022 and an expansion of between 1.2 and 3.0%, with a punctual projection of 3% in 2023”.
“The projection of growth in 2023 foresees that (in Mexico City) private investment and consumption will increase, which will continue to be benefited by the flows of remittances, Foreign Direct Investment, as well as by the generation of jobs, the programs welfare and labor reforms aimed at improving the conditions of workers”, reads the publication.
Added to these factors will be the inflow of financial flows derived from the solid macroeconomic fundamentals and the social and political stability of the country, as well as buffers to face a scenario of financial stress.
It is also added that before closing 2022, Fitch Ratings and HR Ratings ratified Mexico City’s national scale rating at “AAA (mex)” and “HR AAA”, respectively, both with a stable outlook.
Based on this projection of the economic scenario for the city, the Government of Mexico City announced that for this year the authorization of a net indebtedness of 3,000 million pesos was requested, which represents a nominal variation of -33 % compared to the amount approved in 2021.
“This figure is within the public debt estimates that will allow 0% indebtedness in real terms, for the 2018-2024 period; they will continue with the responsible management of debt levels measured through credit ratings issued by international rating agencies and the indicators of the Alert System of the Ministry of Finance and Public Credit; and the financing of public works”, considers the document.
The debt balance of the Government of Mexico City, at the end of the third quarter of 2022, is 89,208 million nominal pesos.
During the third quarter of last year, amortization payments were made for an amount of 1,807 million pesos, which resulted in a nominal deleveraging of 5.6% and a real deleveraging of 11.1%, compared to the end of 2021.
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