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Mexico economy grows 0.9% in Q3 but momentum seen easing on tighter conditions

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Nov 25 (Reuters) – Mexico’s economy grew 0.9% in the third quarter from the previous three-month period, national statistics agency INEGI said on Friday, boosted mainly by the primary sector and despite an ongoing aggressive monetary tightening cycle.

The quarterly growth, Mexico’s third in a row, came in slightly below economists’ expectations, which stood at 1.0% in a Reuters poll – the same level showed by preliminary data published by INEGI late last month.

Repeating a trend seen in the previous quarter, Latin America’s second-largest economy posted across-the-board growth in the period, with primary, secondary and tertiary sectors expanding 2%, 0.6% and 1.1%, respectively.

The economic expansion comes even as the Bank of Mexico pursues an aggressive tightening cycle to rein in stubbornly high inflation which has taken interest rates to a record 10% this year.

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Tighter monetary conditions, however, are seen slowing down Mexico’s GDP growth ahead, and President Andres Manuel Lopez Obrador has recently asked the central bank to balance fighting inflation with the need to protect economic growth.

“The economy has remained resilient so far this year, which will give sufficient ammunition to Banxico to keep tightening in the near term,” said Andres Abadia, chief Latin America economist at Pantheon Macroeconomics.

“But risks for the Mexican economy during 2023 remain massively tilted to the downside.”

Earlier this month, Fitch Ratings said it expected Mexico’s gross domestic product to grow 2.5% in real terms in 2022 and 1.4% next year, while the International Monetary Fund (IMF) forecast an expansion of 2.1% this year and 1.2% in 2023.

In annual terms, INEGI said, the country’s economy expanded 4.3% in the third quarter compared to a year earlier, beating expectations of 4.1% growth from economists polled by Reuters.

Separately, data showed on Friday that Mexico’s economic activity grew 0.7% in September from August and 5.2% from September of 2021, both also ahead of market projections.

Reporting by Gabriel Araujo; Editing by Steven Grattan and Christi

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B.C.’s economy forecast to remain steady, despite slower near-term economic growth | BC Gov News – BC Gov News

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Like other jurisdictions, B.C. is expected to see slower economic growth through 2023 because of global inflation and higher interest rates, before steady growth resumes in the medium term, according to projections from private-sector forecasters.

Each year, B.C.’s finance minister meets with the Economic Forecast Council (EFC), a 13-member council of private-sector forecasters from throughout Canada, in preparation for the next year’s budget. This is the second year that an additional set of discussions was added, providing an opportunity to consult with an Environmental, Social and Governance (ESG) Advisory Council to explore how the provincial government can continue to build a more inclusive, sustainable economy and support well-being in British Columbia.

The EFC anticipates the province’s economy will grow by 2.9% in 2022 and 0.4% in 2023; slower than their January 2022 forecasts of 4.2% and 2.7%, respectively. The updated figures are similar to what was presented in the Province’s Second Quarterly Report. Real gross domestic product (GDP) growth is then expected to pick up, with an increase of 1.6% in 2024, followed by gains of 2.3%, 2.3% and 2.1% in 2025, 2026 and 2027, respectively. The reduction in the near-term outlook is consistent with other jurisdictions and reflects persistent global inflation and interest rates rising higher and more rapidly than expected throughout Canada.

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“We’re entering this period of slower growth and challenging global economic times in a strong position to continue supporting people, because B.C.’s economy grew more than most last year,” said Selina Robinson, Minister of Finance. “We’ll use the resources we have to address the issues that matter most to people, including housing, health care and building a sustainable economy that works for everyone – but no matter what is on the horizon and no matter what the numbers show, this government will continue to be here to support people.”

Discussions with the EFC and the ESG Advisory Council focused on current events, issues affecting B.C.’s economy and the environmental, social and governance opportunities and challenges facing the province. Topics at the meetings included:

  • global inflation and monetary policy impacts;
  • government policies to stimulate investment and ensure shared prosperity;
  • socioeconomic factors in B.C., such as inequality, Indigenous partnerships, and well-being;
  • environment, climate change and the transition to a lower carbon economy;
  • housing affordability and supply;
  • labour market dynamics and immigration; and
  • opportunities for businesses to build on B.C.’s strong ESG profile.

“We are committed to building an inclusive economy, where environmental and social sustainability is the basis for future growth,” said Robinson. “A strong social, cultural and economic foundation is key to successful and resilient communities. We know this, and we know generations will benefit from the decisions we make right now.”

Forecasts and feedback from the two councils will be used to inform the next provincial budget, which will be released on Feb. 28, 2023. EFC members will also have an opportunity to submit revised forecasts in early January.

Quick Facts:

  • In the Province’s Second Quarterly Report, B.C. projected a revised operating surplus of $5.7 billion in the 2022-23 fiscal year.
  • Since the summer, B.C. has rolled out approximately $2 billion in affordability measures.
  • Environmental, Social and Governance are three main categories often discussed when evaluating sustainability performance, risk-mitigation planning and societal well-being.

Learn More:

To read B.C.’s Second Quarterly Report, visit: https://www2.gov.bc.ca/gov/content/governments/finances/reports/quarterly-reports

For information about new and existing support measures for B.C. residents, visit: https://strongerbc.gov.bc.ca/cost-of-living/

For more about the StrongerBC Economic Plan, visit: https://strongerbc.gov.bc.ca/plan/

To learn about the ways B.C. is committed to environmental, social and governance principles, read the ESG summary report here: https://www2.gov.bc.ca/assets/gov/british-columbians-our-governments/government-finances/debt-management/bc-esg-report.pdf

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Economy

A Look At Canada’s Growing Economy

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Canada has one of the largest economies in the world, and the country’s largest industries include real estate, oil, and gas extraction, manufacturing, and mining. By GDP, Canada has the ninth-largest economy in the world. In 2020, Canada’s annual GDP was $1.64 trillion, and roughly one-third of GDP comes from Canada’s import and export of goods and services.

The Canada Special

Canada is home to many big-name brands. E-commerce giant Shopify is headquartered in the country, and central banks like the Royal Bank of Canada (RBC) operate within the country’s financial sector. RBC is regarded as one of the largest banks in Canada and the world. We recently saw HSBC Group agree to sell HSBC Canada to RBC. According to the CEO of HSBC Group, the company considered HSBC Canada’s strategic fit and ultimately found an upside in selling the business. RBC is reportedly buying HSBC Canada for $13.5 billion, which is expected to close in late 2023.

 

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Growing Canadian Markets

Canada’s economy is constantly growing, too. RBC’s acquisition of HSBC Canada demonstrates this, but many other industries have taken off in the country over the years. One of the fastest-growing industries in 2022 is iGaming. iGaming refers to any online betting, such as online casino games and sports betting. This growth reflects a worldwide trend, where the global iGaming market is projected to grow to $114 billion by 2028.

In particular, Ontario’s iGaming market is leading the way in Canada. Total iGaming revenue in the second quarter of 2022 in Ontario’s iGaming market reached $267 million, up from the $162 million recorded in the first quarter of 2022. Likewise, total wagers, active player accounts, and average monthly spend per active player account increased in Q2 2022 in Ontario. Total bets entered the billions, jumping from $4,076 million to $6.04 billion in the second quarter.

Several operators and websites specializing in different areas of iGaming are live in Canada, helping the Canadian market reach a broader target audience. According to this review site, some of Canada’s most popular online casinos include LeoVegas, which specializes in mobile gaming, and Wildz. Wildz is an online casino known for offering lucrative casino bonuses. Canada’s iGaming market also offers French-speaking online casinos for Canadian players who want to speak French. This is particularly relevant in Quebec, a French-speaking province.

Interestingly, Canada’s iGaming market is rising simultaneously with the country’s eSports industry. In 2022, revenue in Canada’s eSports market is expected to reach nearly $25 million. This growth is attractive because eSports is a sector that the iGaming market is looking more into incorporating. People have shown that they enjoy placing wagers on eSports tournaments as they do with regular sports tournaments like the World Cup.

Canada has one of the largest economies in the world, so it’s no surprise to see the country continuing to push boundaries and grow its success in budding new industries like iGaming and eSports. Even though these are two competitive markets, Canada appears to have gotten its foot in the door already.

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Economy

Personal Loans with the Lowest Interest Rates

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Personal Loans with the Lowest Interest Rates

Need a loan quickly? With the loans that Canadian lenders provide you, starting your dream company or even paying your bills is made easy for you.

Only individuals are eligible for personal loans in Canada, and most banks and lending institutions impose restrictions on how and why you can use one. Personal loans can be of different types, such as secured, unsecured, and credit-building loans. Lenders may have different terms and interest rates for personal loans. Some lenders require you to provide your credit score, while others do not.

If you hope to find rates that won’t affect your credit, you have come to the right place. These lenders give quick loans with interest rates as low as 3%. Let’s discuss some of these lenders and how they stand out:

  • Loans Canada

Loans Canada is one of the best lenders for Canadians who need to borrow money for almost any cause. You can trust that the terms of any quotes you’re pre-approved for are the conditions you’ll receive, thanks to Loans Canada’s great reputation and broad network of financial institutions. With funding for some loans available in as little as 24 hours, lenders often offer interest rates as low as 1.99%, but the rates go as high as 46.96% on amounts ranging up to $50,000.

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There are lenders on the platform who cater especially to those with bad credit, and there are no credit or income requirements stated on the site. The loan term varies from 3 to 60+ months for borrowers to pay back.

 

  • LoanConnect

LoanConnect is an entry point to numerous lenders via a single application, not a direct lender. The lenders on LoanConnect offer short-term, unsecured loans, some of which are available to borrowers with bad credit or a history of bankruptcy.

A competitive 5.99% APR is the starting rate for LoanConnect lenders, but some can go as high as 46.96% APR, depending on the applicant’s credit history. To be eligible for this loan, you must be a citizen of Canada and meet certain age requirements.

Prospective borrowers can submit an online loan application in just a few minutes, receive loan approval in about 5 minutes, and typically receive their funds the same day. There are no additional fees for applying.

 

  • Borrowell

Borrowell offers a range of financial services and is one of Canada’s top providers of personal loans. With over 50 financial partners and seven years in operation, Borrowell has created a strong network to assist you in finding unsecured loans that meet your requirements.

You can borrow between $1,250 to $10,000, and you have 36 to 60 months to repay the loan with regular payments. The interest rate is 19.99%. The platform is free, but there’s a one-time origination fee of 1% to 5% that you must pay.

You must meet the following requirements to be considered: a credit score of at least 660; a minimum annual income of $20,000; solid credit history and credit utilization; and a manageable debt service ratio. Also, you should obtain a free Equifax credit score, review the offers that correspond to your credit profile, and select the best offer to accept.

 

 

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