1996-11-27 Local Press - GDP Up 74%
Article Index
ECONOMY
GDP Up 74% in Third Quarter
According to the Finance Secretariat, the Mexican economy grew 7.4% during the third quarter of 1996, compared with the same period last year (when GDP fell over 8%). Analysts said that this figure surpassed their expectations and will allow for economic growth of greater than 4% in 1997. This is the highest quarterly GDP growth rate registered in the past .15 years. Total GDP growth for the first nine months of 1996 has thus reached 4.4%. However, even so, production levels are still below those of 1994, prior to the eruption of the crisis. (Reforma, 22 November).
Open Unemployment Down
In October, official figures for open unemployment fell to 5.2% of the economically active population, from 5.5% in September. This is the lowest level in the past 21 months. The highest rates of open unemployment are found in Monclova, Mexico City, Saltillo and Monterrey, with levels between 6.1% (Monterrey) and 7.4% (Monclova). In contrast, Tijuana and Leon have the lowest levels; 1.3% and 1.8%, respectively. (Reforma, 20 November).
Banxico Will Continue Intervening in Market
The Deputy Governor of the Bank of Mexico Mexico's Central flank), Guillermo Guemez, said that the Bank will continue to intervene directly in capital markets to defend the value of the peso. When the dollar-peso exchange rate reaches levels that are not congruent with the economic situation in the rest of the country, the bank will intervene. He said, He assured the crowd at the National Textile Industry Convention that the Central Bank will continue its struggle against inflation, but Guemez; guaranteed that the banking system's demand for money would be met. (El Financiero, 23 November).