News, Insights and Best Practices for Manufacturing in Mexico

Mexican economy set to increase growth in 2014

29 Aug 2013

Category: Labor & Economics

With the Mexican economy's close ties to the U.S.'s, recent forecasts estimate Mexico's economy will grow in 2014 as the U.S continues to return to pre-recession norms. According to Reuters, improvements to the Mexican economy are set to stimulate exports and industry in the region, making it the perfect time for manufacturers to begin expanding to Mexico and take advantage of the country's nearshoring benefits.

According to the Global Post, there have been recent revisions to the country's 2013 economic growth. The news site reported BBVA, a Spanish financial group with ties in Mexico, reevaluated its economic growth forecast for the country due to slower growth at the beginning of the year. However, the second half of 2013 has seen strong improvements and the Mexican economy is estimated to do well into the new year.

Luis Videgaray, Mexico's finance minister, told Reuters the country's economy will speed up in 2014.

"We expect an important recovery in the pace of [economic] growth next year of around 4 percent," Videgaray said.

According to Reuters, the Mexican government recently changed its 2013 growth outlook from 3.1 percent to 1.8 percent.


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