Mexico Business News Bites
Mexico will grow between 0.9% and 1.4% in 2013, below previous estimates of 2% to 3%, due to the weakness of its exports and delays in tax spending following the change of government, informed the Bank of Mexico (Banxico).
The Mexican economy will grow 1.3% in 2013, below the 1.7% previously estimated by the Ministry of Finance and Public Credit (SHCP). This after the National Institute of Statistics and Geography (Inegi) revealed that during the third quarter of 2012, the country’s Gross Domestic Product (GDP) recorded a 1.3% growth.
Mexican goods exports to Canada increased 3.66% between August and September 2013, going from 2.099 billion to 2.179 billion dollars, according to data from Statistics Canada.
Mexico and Cuba prepared to expand their Economic Complementation Agreement (ACE 51) that entered into force in 2001, which granted and deepened tariff preferences in 3,839 product classifications.
The 2014 Spending Budget was approved by the Chamber of Deputies and will consist of 4.47 trillion pesos, 8.8% more than in 2013.
Mexico’s unemployed reached 2.7 million during the first quarter of 2013, representing 5.2% of the Economically Active Population (EAP), more than the 5.1% recorded during the same period in 2012, informed the Inegi.
The Mexican Franchise Association (AMF) and the Association of Mexican Entrepreneurs in the United States (AEM) signed a protocol of intention that seeks to establish a strategic collaboration partnership to support new Mexican business models with the potential to grow in Hispanic markets.
ProMéxico and Bancomext signed an agreement aimed at offering an integrated portfolio of funding, support and services for Mexican companies, and attracting foreign investment to the country.
Mexico exports close to 60% more manufactured goods than all Latin American countries combined, according to Bancomext.
Mexico produced 285,230 vehicles in October 2013, 1% more than in the same month of 2012. Furthermore, 240,316 units were exported, 11% more than in the same period of the previous year, according to data by the Mexican Association of the Automotive Industry (AMIA).
Guanajuato seeks to consolidate eight clusters of the agri-food, automotive, pharmaceutical, tourism, medical, chemical and fashion sectors, among others, in the next five years, to capture public and private investment for 3.7 billion dollars and create 60,000 jobs per year.
Mexico’s port activity increased by 3.8% during the first half of 2013 compared to 2012, the second highest growth rate in Latin America, behind only Chile, moving 2 million 410 thousand 904 containers (TEU), according to data by the Economic Commission for Latin America and the Caribbean (Cepal).
The construction sector in Mexico could grow by more than 5% and create up to 400,000 additional jobs in 2014 if the energy reform is approved, according to the Mexican Chamber of the Construction Industry (CMIC).
Mexico will invest 452.9 million pesos from the Energy Sustainability Fund to establish a Solar Power Innovation Center, informed the Ministry of Energy (Sener).
CULTURE & TOURISM
Mexico has 60 million Internet users, that is, 51% of the country’s population, according to statistics by the Mexican Internet Association (Amipci).
Chile became the 44th country to recognize tequila’s Denomination of Origin, informed its National Industry Property Institute (Inapi).
Mexico is one of the top 10 most attractive tourist destinations, according to Lonely Planet. The country is ranked sixth, behind only Brazil, Antarctica, Scotland, Sweden and Malawi.
Mexico has the highest number of World Heritage cities outside Europe, according to information by the Ministry of Tourism (Sectur).
Cancún will be the site of “Medical City” which will have hospital, residential, educational-cultural and recreation areas, as well as a children’s, dental, cancer and orthopedic hospital in addition to a stem cell research center.