Mexico’s economy will expand in 2015 at the fastest pace in five years after President Enrique Pena Nieto implements laws aimed at boosting growth, according to the Finance Ministry.
Latin America’s biggest economy after Brazil will increase 4.7 percent next year, up from 3.9 percent in 2014, the ministry said in an e-mailed statement late yesterday.
Pena Nieto ended a 75-year state oil monopoly in 2013 as he seeks to fuel economic growth that has lagged the regional average over the past decade. Mexico’s economy expanded 1.1 percent in 2013, less than half the 2.4 percent average growth rate for the region, according to data compiled by Bloomberg.
Economists surveyed by Bloomberg estimate Mexico’s gross domestic product will rise 3.3 percent this year and 3.8 percent for 2015.
The peso strengthened 0.3 percent to 13.0238 per U.S. dollar at 10:40 a.m. in Mexico City.
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