Photo: Mexican Economy Expected to Grow in 2013
Mexico’s economy, which will grow 3.8 percent this year, will see growth slow to 3.3 percent in 2013 due to weakness in some of its main trade partners before rebounding and growing 3.6 percent in 2014, the Organization for Economic Cooperation and Development, or OECD, said Tuesday.
The gross domestic product growth outlook for Mexico was revised downward by two-tenths of a percent for 2012 and was reduced by five-tenths of a percent for 2013, the OECD said.
The downward revisions were made because the Mexican manufacturing sector, which has improved its competitiveness since 2009 and regained market share abroad, is being affected by the economic situation in countries, especially the United States, that import its products as the year winds down.
As the global and U.S. economies rebound in late 2013 and into 2014, Mexico will benefit from stronger GDP growth, the OECD said.
Mexico’s economic growth outlook is much better than that for other developing countries, which are looking at GDP growth of 1.4 percent this year and about the same level in 2013 before rebounding and growing 2.3 percent in 2014.