President Enrique Peña Nieto led the 24th Plenary Meeting of the Banamex Board of Directors. Over nearly 132 years, Banamex has been a witness to and a major player in Mexico’s growth and economic development.

“In order to take Mexico into new horizons -and tear down the barriers that prevented its development- from the start of this administration, we have undertaken a number of substantive changes. This context includes 13 structural reforms in several areas.”

Reforms contribute to the smooth running of the economy, as borne out by the following 10 facts:

1. In 2015, the Gross Domestic Product (GDP) increased by 2.5%; this rate exceeds the performance of some of the largest economies such as the United States, which grew by 2.4%, the UK, which increased by 2.2% and Brazil, which decreased by 3.8%.

2. In the first 3 years of the current administration, accumulated economic growth stood at 6.3%; higher than the -0.3% accumulated during the same period in the last administration, and the 0.9% of the previous two administrations.

3. During these three years, 1,892,000 formal jobs have been created, the highest figure for the same period of any administration.

4. Real wages are increasing:  In January 2016, contractual wages grew 1.5% annually in real terms. This is the highest figure in the past 20 years.

5. Energy Reform has successfully reduced the electricity rates paid by Mexicans. During this administration, rates have been reduced in the industrial sector by 39.4%; in the commercial sector by up to 23.5%; and in the high consumption domestic sector by 8.7%.

6. Financial reform has expanded credit, making it available in better conditions. Between 2013 and 2015, interest rates fell by 8.6 percentage points for personal loans ; 0.6 points for small business, and 0.4 percentage points for mortgages.

Financing granted to the private sector increased by 5.1 percentage points of the GDP; rising from 25.73% in 2012 to 30.87% in 2015. 

7. As a result of Telecommunications Reform, tariffs in the sector continue to decline while service coverage is increasing. International Long Distance rates are down 40.7% and mobile telephony rates by 17.7%.

8. According to the World Economic Forum Connectivity Index 2015, Mexico ranked 4th out of 143 countries in the Affordability Indicator, up 89 positions from 2014.

9. Mexico maintains historically low inflation levels:  In 2015, annual inflation was 2.13%; the lowest since 1970. 

10. From 2013 to 2015, Mexico received investments of over $99,736.99 USD; 61.1% higher than the amount achieved during the same period in the previous administration.

 “Despite these encouraging figures, the government will continue to act with full responsibility, to cope with an increasingly complex international financial scenario. 

The priorities of the government’s economic policy are to maintain and strengthen our macro stability and continue to implement structural reforms as the basis for the country’s sustained growth.”