2011 ended well for Mexico. The economy of the Central American country recorded a 3,9% increase in GDP. However, this result is down compared to the numbers recorded in 2010 (+5,5%) but we must consider the global economic slowdown (especially in the United States) which has had a negative impact on the country's economy. “Mexico has grown more than the world average, behind only China, India and Saudi-Arabia,” he proudly declared. Agustín Carstens, the governor of the Mexican central bank.
The sector that drove the growth was the tertiary sector, which recorded a +4,2%, while industry rose by 3,8%. Agriculture, on the other hand, decreased by 0,6%, while in 2010 it had recorded a +2,8%. The rate of unemployment is down to 4,8% with an increase in service workers. Inflation is also down which in February recorded a 4,01%, slightly above the central bank's target of 4%. “It could actually be lower if it weren't for the high volatility we're receiving from the outside, especially for commodity prices and the effects of the drought,” Castrens said.
In 2011, the country recorded foreign direct investment (FDI) of 19,5 billion dollars, 9,7% more than in 2010. Of these, 55% came from the United States, 15% from Spain, 6,7% from Holland, 6,3% from Switzerland and 3,4% from Canada. The country can also count on $150 billion in foreign exchange reserves which are “a guarantee” to ensure the value of the weight. Furthermore, Castrens assured that Mexico will be one of the first countries to comply with the new Basel 3 rules for banks.
Another sign that Mexico remains a strong attraction in the eyes of many foreign investors is today's news that Mitsubishi has invested $1 billion in Marena Renovable, South America's largest wind energy project. The Japanese giant has purchased 34% of the project which will install, starting from July 2013, 132 windmills throughout the country with a capacity of 396 megawatts.
In short, it can finally be said that the country has come out of the recession that had hit it in 2009 and which had caused it to lose 6,2 points of GDP. Estimates for growth in 2012 are optimistic (between 3 and 4 per cent depending on the US reaction to the crisis) and the shifting of the economy's center of gravity towards the Pacific could be the key that will allow the country to assert itself on the global market.
