1945

The growth rate of the Mexican economy fell from 3.3% in 2007 to 1.3% in 2008, which represented a meagre 0.2% rise in per capita GDP. This result may be attributed to a significant weakening of both external demand —associated with the international economic crisis— and domestic demand, reflecting the loss of momentum in private consumption and, to a lesser degree, in private investment. Exports dropped considerably beginning in the third quarter of 2008. Weakened demand can be traced to an upsurge in unemployment, a decline in consumer credit and fewer remittances from abroad. Inflation rose from an average of 4.0% in 2007 to 5.1% in 2008.

Related Subject(s): Economic and Social Development
Countries: Mexico
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