Mexican investment up 6.2% in May

14:27, August 11, 2010      

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Mexico reported a 6.2-percent increase in investment in May year on year, the National Statistics Agency said Tuesday.

Investment in May was at the same level as the second half of 2008, when the world economic crisis began to bite Mexico.

However, for the whole January-May period, the investment was only 0.9 percent higher than the same period last year.

Machinery investment in May rose 13.9 percent year on year, with domestic machinery purchase increasing 19.2 percent, while construction purchase rose 2.6 percent.

Leading domestic bank Banamex said the results were above expectation.

This was partly due to some 50 billion pesos (3.96 billion U.S. dollars) that the government pledged for major projects during 2009.

Last year, Mexico took measures to boost state construction spending, which dropped due to the shockwave of the world economic crisis.

Mexico's economy experienced a deep recession that peaked in the second quarter of last year with a decline of 10.3 percent compared with a year ago. But the economy has been recovering afterwards.



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