Bloomberg News

Mexican GDP to Grow More Than 4% This Year, Calderon Says

October 03, 2011

(Updates with economists’ estimates in second paragraph.)

Oct. 3 (Bloomberg) -- Mexico’s economy will grow more than 4 percent this year, President Felipe Calderon said.

“We have a strong economy even though we face difficult international conditions,” Calderon said at a conference in Mexico City today.

Calderon’s growth estimate is faster than the 3.77 percent expansion forecast by economists in a monthly central bank survey published today.

Now is a suitable moment for Latin America’s second biggest economy to approve structural reforms, Calderon said. Speaking at the same conference, Mexico’s central bank Governor Agustin Carstens said changes in the labor and energy sectors are needed to boost domestic growth amid the global slowdown.

More than 111,000 formal jobs were created in September and more than 600,000 this year, Calderon said.

Mexico’s biggest development bank, Nacional Financiera SNC, known as Nafinsa, will grant 75 billion pesos ($5.4 billion) in credits this year, Calderon said.

--With assistance from Jose Enrique Arrioja in Mexico City and Richard Jarvie in Buenos Aires. Editor: Richard Jarvie

To contact the reporters on this story: Carlos Manuel Rodriguez in Mexico City at carlosmr@bloomberg.net; Nacha Cattan in Mexico City at ncattan@bloomberg.net.

To contact the editor responsible for this story: Joshua Goodman at jgoodman19@bloomberg.net.


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