Mexico Manufacturing Contributes To Increased Industrial Output
With industrial output climbing 4.2% from the year and 0.8% since December (2011), an average Mexico Manufacturer likely contributed to the fastest growth rate since May, beating all 16 Bloomberg economic forecasters’ expectations. In fact, industrial output had been expected to shrink by 0.1% but instead increased. Further, while Mexico’s GDP is expected to be down from 3.9%, it is still anticipating expansion to 3.5%. Mexico’s Finance Minister, Jose Antonio Meade indicated that “recent data show(s) that the nation’s economy is in a better situation than six months ago and may see ‘positive surprises’. With this news, the 2012 economy is likely to continue its expansion with its robust industrial output.
Remarkably, a Mexico manufacturer when comprised as a group created 130,000 new jobs just last month. It was spread across the manufacturing industry that grew by 5.6%, followed by the construction sector that enjoyed a 4.8% growth rate. Even though the overall growth outlook is not likely to change dramatically, Mexico’s central bank board led by Agustin Carstens indicated they will likely keep the benchmark rate at 4.5%, confirmed by the 19 Bloomberg economists surveyed. Supporting this conclusion is the peso’s gain of 0.2% against the 12.64 dollar, indicating that the currency has been invigorated by 10.3%, the best of the 16 most traded currencies worldwide.