“The (original) forecast ... was 3.8 percent for 2011. Today the finance ministry is adjusting its forecast to 4.3 percent,” for the year, President Felipe Calderon of Mexico told a banking convention in the resort city of Acapulco.
The new figure is a result of the U.S. economy recovering which is helping spur Mexico’s economy even further. After initially pegging the 2011 GDP at 3.8% the Finance Ministry revised it to 4.0% in March when there was an employment increase with 230,721 jobs created in the first quarter of the year.
The country’s inflation rate was lower than expected in the first quarter and at its lowest level in close to five years giving everyone confidence in a higher GDP. However it was the U.S. economic growth that is making Mexico feel it can meet the 4.3% GDP and that it might even exceed 2010’s GDP of 5.5%, which was the country’s fastest growth in a decade.