According to the Organization for economic cooperation and development (OECD) Mexico is among the six G20 – countries with the strongest economic growth during the first quarter of 2018.
Compared to the previous year the gross domestic product increased by 2.4% (annual comparison). Driving forces are mainly the primary sector (agriculture, mining, etc.) and strong import and export figures. With an GDP growth rate of 1,1% in comparison to the previous quarter, Mexico also belongs to one of the fastest growing economies of the world. It is the second subsequent quarter showing increasing numbers, while in the third quarter of 2017 no growth was recorded.
For the current year, further growth potential is predicted especially for China, Mexico’s second largest trade partner. China quadrupled its investment in Mexico last year. The export figures to China in the agriculture sector also increased in the first five months of this year by 54% (compared to the same period last year). Mainly agricultural products such as avocado, chili and tequila offer a higher growth potential for the next months.
The G20 is an is an international forum for the governments and central bank governors existing since 2009. 19 countries and EU form the G20, whose economies account for approximately 85% of the gross world product (GWP). The G20 aims to discuss policy pertaining to the promotion of international financial stability, but also about issues such as labor market, anti-corruption, energy and development.
The G20 includes seven major trading partners of Mexico (USA, China, Canada, Japan, Germany, Korea and Brazil).Oover 90% of Mexico´s total foreign trade amounts to members of the G20. In the year 2012, Mexico chaired the seventh G20 leaders’ meeting.