Mexico's central bank on Thursday stepped up efforts to rein in surging inflation, raising its benchmark interest rate by 50 basis points to 5.50%, outpacing market expectations, and pushing up the peso currency against the dollar.
Mexico's economy
Mexico's gross domestic product (GDP) has increased over the last decade, yet, its national debt still amounts to almost half of its GDP. The majority of Mexico's GDP is yielded by the services sector, as a look at the distribution of the gross domestic product in Mexico by sector shows. More than 60 percent of GDP is generated in this sector; most of the Mexican workforce is employed in services. A critical contributor to Mexico's GDP is tourism. The total unemployment rate in Mexico took a turn for the worse during the recession of 2008 and is still to bounce back to previous levels.
Mexican central bank hikes rates more than expected to tame inflation
Mexico's central bank on Thursday stepped up efforts to rein in surging inflation, raising its benchmark interest rate by 50 basis points to 5.50%, outpacing market expectations and pushing up the peso currency against the dollar.www.reuters.com
Mexico's economy
Mexico's gross domestic product (GDP) has increased over the last decade, yet, its national debt still amounts to almost half of its GDP. The majority of Mexico's GDP is yielded by the services sector, as a look at the distribution of the gross domestic product in Mexico by sector shows. More than 60 percent of GDP is generated in this sector; most of the Mexican workforce is employed in services. A critical contributor to Mexico's GDP is tourism. The total unemployment rate in Mexico took a turn for the worse during the recession of 2008 and is still to bounce back to previous levels.
