| | |  Business News | November 2008 
Mexico's Economy the Slowest Since 2003: Survey
 Eleonor Meza - IBTimes
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Due to the current U.S. economic crisis, Mexico is likely to report a significant decrease to its gross domestic product which has not been seen since 2003.
Mexico's finance ministry may report on Friday a gross domestic product growth of 1.3 percent in the third quarter of 2008, according to a Bloomberg survey of economists. The GDP is an indicator of economic growth.
The economic crisis in the United States has reduced demand of exports from Mexico and caused remittances from Mexicans living out of the country to diminish.
Mexico's stock exchange is closed today due to "20 de Noviembre" Holiday.
Last week Friday, the peso was down 2 percent and closed at 13.06 per dollar compared to 12.80 on Nov. 7.
Mexico is the second largest economy in Latin America after Brazil. It sends 80 percent of its exports to the United States.
Mexican immigrants are the third largest group in the United States to send remittances to their country after China and Russia according to the World Bank.
In 2007, about $24, 000 million dollars of remittances entered in Mexico, but they have already fallen 5 percent and are expected to fall further, said Mauricio Gonzalez of the GEA consultancy according to the Financial Times on Monday.
On the New York stock exchange, shares of Mexican Cemex (NYSE:CX) the world's third largest cement maker fell 14 cents or 2.72 percent at the closing trading settling at $5.00 a share today down from its closing price on Nov. 14 of $5.14 a share. |
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