Economy in Mexico is growing in many areas, including car sales, retail sector, exports and tourism.


 

Mexico’s economy is growing – this is the unanimous conclusion of experts and analysts. It’s the world’s 15th largest economy, according to the International Monetary Fund, and World Bank analysts predict that its economy will be the world’s fifth largest by 2050. In many ways, Mexico is currently envy of all Latin America.

Here’s why:

1. Consumer demand in Mexico is growing. Car sales in Mexico are growing at unparalleled rate, up at 16 percent this year. Retail sector is also growing. This is unlike Brazil, where consumption is collapsing.

2. Mexico is not affected by China’s slowdown. China is not a major trade partner of Mexico. Therefore, other Latin American countries - Chile, Brazil, Argentina, Colombia, Venezuela – are much more affected by the China’s slowing economy.

3. Mexico is affected by America’s economical growth. On the other hand, Mexico is closely tied with the U.S. economy, with 80% of its exports going to the U.S. As the latter continues to grow, Mexico benefits also. The current 2% growth of Mexico’s economy is predicted to rise to 2.5% due to growing U.S. economy (the growth percentage would be significantly bigger if it wasn’t for global oil price crash).

4. Labor market. The unemployment in Mexico has reached the lowest mark since 2008 financial crisis, and is currently at 4.7%.

5. Lowering inflation. Mexico’s inflation rate went down to only 2.5% in October, from 3.1% in January of 2015, which is a historic low.

6. More free trade agreements than any other country. Mexico currently has 11 agreements covering 44 countries with market access of up to 60% of the world’s GDP.

7. Rising export numbers. Non-petroleum exports in Mexico currently are at $372 billion.

8. Tourism is growing, especially in the Riviera Maya region.  Mexico topped the list of destinations for Americans in 2014 with about 20,916,000 trips, and in 2015 an increase of 1.8 percent is predicted. Tulum is considered to be the fastest growing town in Latin America.

If you want to read more about investing in Mexico, especially in tourism area, read our Tulum presentation here.

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