Mexican Economy Grows 7 Percent
MEXICO CITY (AP) _ Mexico’s economy grew 7.0 percent last year, the highest rate of growth in 16 years, the Treasury Department said Monday.
A Bank of Mexico survey of 26 analysts showed the market expected fourth-quarter GDP would rise 7.2 percent during the year.
The Mexican economy contracted 6.9 percent in 1995 following the peso crisis, when the value of the country’s currency plunged, but the economy began to recover the following year, growing 5.1 percent in 1996.
Last year, the manufacturing sector rose 9.8 percent, the industrial sector rose 9.3 percent, and the services sector grew 6.9 percent.