Mexico’s economic growth accelerated in the second quarter, thanks to a 5.4 percent rise in non-petroleum exports, Finance Secretariat Economic Planning Unit chief Ernesto Revilla said.
“The June figure is that exports grew 7.7 percent” on an annualized basis, the biggest increase since October 2012, thanks not just to “the automotive industry, which was already doing well, but to all manufacturing,” Revilla said.
The final figures are not in for the April-June period, but officials are “seeing a second quarter in line with the U.S. economy, which is going to have growth significantly above the first (quarter),” Revilla said.
The U.S. economy grew at a 4 percent annual pace in the second quarter, bouncing back strongly after contracting at a revised 2.1 percent clip between January and March, the U.S. Commerce Department reported Wednesday.
“This is good news for the Mexican economy because via exports, higher manufacturing production and, especially, the public spending figures we are seeing, we would have to expect more dynamic second, third and fourth quarters,” Revilla said.
The U.S. economic rebound is important for Mexico “given the interrelationship between our economies (and) given the importance of our exports, especially manufactures, automotive and non-automotive,” Revilla said.
The fact that the U.S. economy is becoming the engine of the global economy “is what is encouraging the idea that we are finally seeing the last stages of the recovery from the crisis of 2008 and 2009,” Revilla said.
Statements by the U.S. Federal Reserve and other central banks in developed countries about the continuation of monetary stimulus for a prolonged period will probably lead to continued low volatility in the markets until at least 2015, the Finance Secretariat official said.