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Mexico Projected to Expand 2.4%

Mexico Projected to Expand 2.4%Mexico Projected to Expand 2.4%

Growth for Mexico as a whole is projected to be 2.4% in 2018, half a percentage point down on the figure recorded from 2010 to 2016, but slightly better than the 2.1% growth anticipated for 2017. The states of Aguascalientes and Queretaro are on a roll, leading Mexico in economic growth and growing considerably faster than the national average, data from Citibanamex shows, Notimex reported. In its State GDP Growth 2017-2018 report, the financial group said Aguascalientes led with 6.1% annual average growth in the six-year period starting 2010. Automotive manufacturing was the main force behind the strong growth. Queretaro followed with a 5.1% growth rate, while nationwide the figure was 2.9%. Queretaro’s industrial sector—backed by a construction boom and a strong manufacturing industry focused on the export market—grew by 11.8% and was the single largest impetus for the surge. The construction industry grew by 28.5% mainly due to the completion of public works while manufacturing increased by 6%, driven by activity in the aeronautical, food and chemical industries.

 

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