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The Report: Mexico 2014: Tourism & Entertainment
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Selected by the current government as a pillar for growth, the tourism sector contributes more than 8% to national GDP and is the fourth-most-important source of foreign currency. With the exception of 2009, tourist arrivals have increased steadily from 22.9m in 2008 to 23.7m in 2013. Foreign exchange inflows generated by the sector also registered an increase of 8.5% in 2013, reaching a record $13.8bn,…
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The Report: Mexico 2014: Logistics & Transport
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As new constitutional reforms start to take shape, Mexico is investing heavily in its transport and logistics infrastructure. Increased economic activity has put pressure on the existent road and rail networks, prompting the current government to assign a bigger slice of the federal budget to the improvement of connections by land, sea and air. Total investment (public and private) in the transportation…
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The Report: Mexico 2014: Construction & Real Estate
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Mexico’s construction industry had a difficult year in 2013. After growing 4% in 2011 and 1.9% in 2012, the accumulated losses for the sector during the first nine months of 2013 amounted to a 4.5% reduction in construction activity. An acceleration of government spending before the end of the year allowed the sector to finish with a more modest reduction of 2% in construction activity, with the…
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The Report: Mexico 2014: ICT & Media
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The telecoms industry, which includes fixed and mobile communications as well as pay TV, saw its revenues expand from $26.6bn in 2009 to $34.7bn at the end of 2013. After years of underinvestment and a market structure that has stifled service penetration, a reform to reduce the influence of dominant players in the telecoms market is set to increase competition, facilitate wider access and put downward…
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The Report: Mexico 2014: Research & Innovation
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As the government attempts to open strategic sectors of the economy to competition and attract more foreign direct investment (FDI), much is also being done to improve science and research as a means to spur innovation. Increased spending, coupled with changes in regulation, is expected to fuel the growth of start-ups and make the business environment more dynamic. The current government has stated…
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The Report: Mexico 2014: Baja California
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The farthest north-west state in the country with a total population of over 3.3m, Baja California’s access to tangible resources – natural gas, water and electricity – and a qualified workforce distinguish the state from other investment regions. The state’s GDP saw a decrease of more than 8% in 2009 due to the economic crisis in the US. Despite this setback, economic recovery has been under…
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The Report: Mexico 2014: Querétaro
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Despite accounting for just 1.7% of Mexico’s population and 2% of the economy, Querétaro is, in many ways, a picture of the country Mexico wants to become. Home to more than a dozen universities that work closely with local industry to produce a qualified workforce, Querétaro also stands out in terms of security and links to population and transport centres. The state government aggressively courts…
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The Report: Mexico 2014: Industry & Mining
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At 17% of GDP, manufacturing is a pillar of the Mexican economy. More than at any point in the past 15 years, Mexican industry is today able to compete with China as a low-cost manufacturing alternative and with other high-income markets as a viable location for outsourcing sophisticated manufacturing. This is perhaps the most promising time for Mexican manufacturing since NAFTA was implemented 20…
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The Report: Mexico 2014: Insurance
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2013 was not a memorable year for the insurance sector in Mexico, given the country’s overall slower economic growth. Enhancing Mexico’s low rate of insurance penetration has proved a challenge. With a premiums-to-GDP ratio of about 2% – compared to 5% in Brazil – the insurance penetration rate is one of the lowest in the Latin American region. In 2012 only 22% of the adult population was covered…
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The Report: Mexico 2014: Capital Markets
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Low macroeconomic volatility, stable exchange rates and efficient management of the economy and public finances are some of the factors behind the growth of Mexico’s capital markets and the record number of initial public offerings announced in 2013. With the second-largest stock exchange in Latin America, Mexico’s recent performance showed growth in volume as well as in value. In 2013, the volume…