Mexico's 2010 GDP grows 5.5 percent

Mexico's 2010 GDP grows 5.5 percent

2011-02-22 09:45:01 GMT+7 (ICT)

MEXICO CITY (BNO NEWS) -- Mexico's gross domestic product (GDP) in 2010 showed an economic rebound by reaching a growth rate of 5.5 percent, the highest since 2000's 6 percent, the country's National Statistic and Geography Institute (Inegi) said in a report released on Monday.

The report also showed that last year's fourth quarter grew by 4.6 percent on a year-to-year basis, and 1.26 percent compared to its third quarter. The strong economic growth was driven by a rare and combined 9.9 percent growth in the country's agriculture, forestry, livestock, fisheries, and food.

Labeled as secondary activities, Inegi's report said Mexico's mining, electricity, water, gas, construction, and manufacturing industries had a 4.7 growth rate during 2010's fourth quarter, compared to the previous year.

Despite Mexico boasting a strong economic growth, experts have constantly criticized the lack of competition among local Mexican companies, as well as weak rule of law and fiscal policy.

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