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Mexico's Economy Will Increase Even More in 2011

13 September, 2012

Mexico is on the rise. With economic activity up 5.8 percent on the year in January 2011,the country's GDP projected to grow up to 5 percent,and with a $275 million dollar trade surplus posted for February,it is not surprising that the Mexican government is raising its forecast for growth this year.  These updated predictions are that the economy will maintain its current momentum,which began last year when it experienced the largest expansion in nearly ten years. 

"The overview for the Mexican economy this year and next year is quite good and we believe that we are going to have a very good rally in terms of economic growth for the next several years," said Mexico's finance minister,Ernesto Cordero in a recent interview with Bloomberg Television. 

In addition to the forecasted 4-5 percent growth in the country's GDP,Cordero announced that exports have risen 23 percent over the last three months,and went on to say that Mexico added more than 50,000 jobs in January and February 2011.

Perhaps the biggest indicator that the Mexican economy is going strong comes with the recent Wall Street Journal article announcing that the country posted a trade surplus for the second month in a row in February. This was thanks in part to a rise in prices of crude-oil exports and persistent external demand for manufactured goods from Mexico,including automobiles. February's surplus reportedly hit $275 million,which follows a January surplus of $69 million,making a total surplus for the year of $344 million. Imports also rose 22 percent on the year to hit $25.48 billion.

As further indication that Mexico's economy is poised to remain strong throughout 2011 and beyond,the National Statistics Institute,or Inegi,reported that economic activity in the country rose 5.8 percent on the year in January of 2011,with a 1.16 percent increase from December 2010 alone. Industrial production and agricultural production were both up 6.6 percent,while services rose 5.1 percent from January of 2010.  Great news for those investing in Mexico.

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Topics: Economy