Financial services becoming more important for Mexico's economy
The financial services industry has become an increasingly important growth driver for the Mexican economy, according to the nation's biggest bank BBVA Bancomer.
Made up of banking, trading houses, stock exchanges and investment activities, as well as insurance and pension companies, the industry saw average quarterly year-on-year growth of 9.9% from 2015 through 3Q18, Bancomer's chief economist Samuel Vázquez Herrera said in an analysis of GDP growth drivers.
Moving in the opposite direction is the mining sector, whose main component is hydrocarbon extraction. Vázquez Herrera said there has been an average annual decline of 5.5% from 2015 through this year's third quarter.
The downward trend that mining shows "has little chance of reversing in the short term," unless the energy policy and announced investments allow for a different picture in the future, said Vázquez Herrera.
BBVA Research, the research arm of Spanish parent BBVA, forecasts that Mexican GDP growth will slow this year to 1.9% from 2.3% in 2017, and then expand at 2.0% in 2019.
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