Mexico Faces Slower Growth; Tax Collection Exceeds Targets

The OECD lowers Mexico’s GDP growth forecast to 1.2% for 2026, below government and analyst estimates. Banxico lowers Mexico’s 2025 GDP forecast to 0.3%, down from 0.6%, citing 3Q25 contraction. In addition, SAT secured MX$300.4 billion from large-taxpayer audits in the first nine months, more than quadrupling the SHCP goal of MX$69.5 billion.

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OECD Flags Slow Growth for Mexico, Urges Digitization

The Organization for Economic Cooperation and Development (OECD) has lowered its growth forecast for Mexico’s GDP next year to 1.2%, down from 1.3% projected in September. This figure is nearly half of the 2.3% assumed by the government in its 2026 Economic Package and falls below the 1.4% median forecast from analysts surveyed by Citi.

Banxico Lowers 2025 GDP Forecast to 0.3% Amid 3Q25 Contraction

Banxico has cut its growth forecast for the Mexican economy in 2025 to 0.3%, down from the 0.6% projected three months ago, Governor Victoria Rodríguez reported. She explained that the revision reflects a deeper-than-expected contraction in economic activity during 3Q25.

SAT Surpasses Revenue Target with Big-Taxpayer Audit Collections

Mexico's Tax Administration Service (SAT) collected MX$300.47 billion (US$16.4 billion) in secondary revenue through audits and enforcement actions targeting large taxpayers in the first nine months of the year, 4.3 times higher than the MX$69.58 billion goal set by the Ministry of Finance and Public Credit (SHCP).

International

Mexico, Singapore Strengthen Ties During State Visit

Singaporean President Tharman Shanmugaratnam arrived in Mexico on Nov. 30 for his first state visit to Latin America. The visit coincides with the Golden Jubilee of diplomatic relations between Singapore and Mexico. The main purpose of the visit is to inaugurate Singapore’s new embassy in Mexico, according to Mexican President Claudia Sheinbaum.

Mexico, Brazil Target Comprehensive Free Trade Deal

Rodrigo Almeida, Head of the Commercial Sector, Brazilian Embassy in Mexico, stated that both countries are actively working toward a Free Trade Agreement (FTA) aimed at expanding tariff-free trade between the two largest economies in Latin America. 

India Seeks to Boost Trade With Mexico Amid Tariff Concerns

India aims to strengthen trade with Mexico in software, pharmaceuticals, and IT, according to Pankaj Sharma, India’s Ambassador to Mexico. The diplomat emphasized that India hopes President Claudia Sheinbaum will exempt Indian exports from the tariffs she has proposed on a range of Asian products.

EU-US Trade Deal Advances; Parliament Pushes Back

The 27 EU member states have approved the European Commission’s trade agreement, though the European Parliament is preparing to challenge elements it considers unfair, particularly after President Trump tripled tariffs on EU products while Brussels eliminated duties on US goods.