Two straight years of record growth in Mexico’s tourism sector have solidified its importance as a motor for economic growth. According to the Ministry of Tourism (Secretaría de Turismo, SECTUR), tourism contributes over 8.7% to Mexico’s GDP and employs 3.6m people directly, 57% of them women. It is also the fourth most important source of...
With Mexico regaining its spot among the world’s top 10 tourist destinations in 2014, it is no surprise that the meetings, incentives, conferences and exhibitions (MICE) segment is becoming increasingly dynamic. Recognising the segment’s importance, particularly for states that have traditionally been primarily sun and sand destinations, state...
The Mexican hotel industry has been in recovery mode since 2009, after feeling the effects of the economic downturn from the 2008 financial crisis and the breakout of the H1N1 virus in 2009. According to consultancy firm Jones Lang LaSalle (JLL), the industry posted average annual growth of 4.7% on occupancy rates and average daily rates in...
Two straight years of record growth in Mexico’s tourism sector have solidified its importance as a motor for economic growth. Tourism contributes over 8.7% to Mexico’s GDP, employs 3.6m people directly and is the fourth most important source of foreign currency. The sector exceeded growth expectations for 2014, registering a record number of international tourist arrivals, at nearly 29.3m, and...
At a time when a number of major Latin American economies, including Brazil and Venezuela, are heading toward recession, Mexico’s economy stands out in the region for its resilience. The country is expected to maintain a solid economic performance in 2015 and beyond, with the IMF estimating GDP growth of 3% and 3.3% in 2015 and 2016, respectively.
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