Leather-producing state growing twice as fast as the rest of Mexico
22/04/2015
Analysis backed by financial institution Banamex-Citigroup has shown that, while Mexico’s economy grew by 2.1% overall in 2014, the economy in Guanajuato grew by 5.5%.
Banamex-Citigroup has insisted that overseas investment from major players in the automotive industry has been the key factor in Guanajuato’s success and said this showed also in high growth figures in two neighbouring states, Aguascalientes and Querétaro, where there has also been substantial investment from the automotive industry. The bank predicted growth of 6.1% for Guanajuato in 2015.
According to the study, the state’s industrial output has increased in value by almost 100% in the last six years, since automotive firms, including Honda, Volkswagen and Mazda, and their key suppliers began to operate there. And specific to the transportation sector, the value of manufacturing output over the same period of time increased by 279%.
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