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Recession over in Mexico, President Calderon says
Nov 5, 2009, 17:50 GMT
Mexico City - The Mexican economy grew by about 2.7 per cent in the third quarter of the year, marking the end of its recession, Mexican President Felipe Calderon said Thursday.
'This figure is very good news because it means the end of recession, of economic contraction in the country,' Calderon said at the opening of the Bloomberg Economic Forum in Mexico City.
In the first quarter of 2009, Mexico's gross domestic product (GDP) shrank by 8.2 per cent, while in the second quarter it fell by 10.3 per cent.
The half-year report issued by Mexico's central bank in July estimated that 2009 would end with an overall contraction of 6.5 to 7.5 per cent.
Calderon said his government is working 'hard' so that recovery persists. The Mexican economy suffered greatly as a result of the severe crisis in its main export market, the United States, which receives over 70 per cent of Mexico's exports.
'What we expect for next year is that the economy grows by at least 3 per cent,' Calderon said.
He noted that he hoped to have 5-per-cent annual growth by the end of his mandate in 2012.
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