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Government Says GDP to Grow 3.5 Percent in 2013

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Mexico’s Ministry of Economy and Public Credit has reiterated its forecast that the country’s gross domestic product (GDP) will grow 3.5% in 2013. According to Secretary Luis Videgaray Caso, the government also continues to believe that consumer prices will rise 3.0% during the year.

Comment: Mexican GDP jumped 5.3% in 2010, as the country began to recover from the global financial crisis. However, growth began to moderate as the economic cycle matured and as headwinds from abroad began to have a greater impact. GDP growth slowed to 3.9% in both 2011 and 2012. The government’s current forecast is consistent with continued moderation. It is also consistent with recent third-party forecasts. For example, the International Monetary Fund also currently projects that Mexican GDP will grow 3.5% in 2013. Despite the ongoing moderation, economic output in Mexico continues to grow faster than its historical average. Mexican GDP grew at an average annual rate of just 2.6% in the twenty years from 1991 to 2011.

Patrick Fearon, CFA
Vice President, Fund Management
MexECON Blog

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Taken from TerraNova Ventures: http://www.tnvmanagement.com/mexecon-blog/2013/2/19/government-says-gdp-to-grow-35-percent-in-2013.aspx

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This entry was posted on February 19, 2013 by in News Articles and tagged , , , , , , , .
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