The May surveys of expectations conducted by Central Banks in the region indicate that the simple average of growth expectations in 2022 decreased by 0.3 percentage points from 2.7% to 2.4% and the simple average of inflation expectations increased by 0.6 percentage points from 6.8% to 7.4%. Paraguay and Peru decreasing their growth expectations. Mexico registered and increase while the remaining countries do not present changes. On the other side, higher inflation expectations are observed in most of the countries, except in Brazil and Uruguay.

In the case of expectations for 2023, the May surveys indicate that the simple average of growth expectations stay without change while inflation expectations increased 0.2 percentage points. Guatemala, Peru and Uruguay registered an increase in the expectations of growth, while Chile, and Mexico present negative changes respect to April’s survey. In the case of inflation, it is observed an increase in most countries but Brazil, Paraguay and Uruguay expectations remained stable.