Manufacturing sector will provide impulse to economy: HSBC

Mexico.- Grupo Financiero HSBC forecasts 3.4% growth by the Mexican economy upon closing 2012, taking into consideration the trends expected in the manufacturing sector. Sergio Martin Moreno, Chief Economist for Mexico with HSBC, said that according to the Purchasing Manager’s Index (PMI) of the Mexican Manufacturing Sector prepared by HSBC, last April a new improvement was observed in the sector’s conditions. He explained that these arises from a substantial increase in both production and new orders over March, which took PMI from 53.9 points to 56.3 points; in addition to remaining above the 50 points threshold. “HSBC’s Manufacturing PMI reached 56.3 points in April, the highest in the last 12 months. This suggests that the industrial sector will keep a positive impulse and supports our 3.4% GDP forecast for 2012, which means growth over the average 3% posted in the last 15 years”, he said.