Mexico’s economy grows by 3.9%
The Finance Ministry announced that
Mexico's economy grew by 3.9% from a year earlier in the second quarter due to the surge in industrial output, higher exports to the US and strong consumer spending.
Mexican economy recorded improvement after a three-year slump, driven by
manufacturing sector as exports to the US rise. Consumer spending has also helped fuel growth.
The country's industrial sector increased by 3.8% in the second quarter compared to the same period of last year, with
construction growing 4.4%.
Mexico's
manufacturing sector grew by 4% in the mentioned period as factories boosted
production to meet US demand.
Factories import raw materials and components from the US and then ship assembled products like televisions and auto parts back to the US.
Analysts say that
Mexico's economy continues to depend on the US because the country has failed to improve its own domestic infrastructure.