By Nacha Cattan
Mexico received 16 percent less foreign direct investment in the first nine months of 2011 than a year earlier, Economy Ministry data shows.
Foreign direct investment, or FDI, totaled $13.5 billion in the first nine months of this year, the ministry said in a report on its website Wednesday. Mexico registered $15.6 billion in investment during the same period last year, according to ministry data. The Ministry revised 2010’s FDI figure to $19.8 billion from $17.7 billion, the report showed.
Foreign direct investment, which last year almost matched the $21.3 billion Mexico received from remittances, is expected to reach $20 billion this year, according to Promexico, the country’s investment promotion agency.
Today’s report shows Mexico might not reach that goal, said Gabriel Lozano, a Banco Santander senior economist in Mexico City.
“I don’t see any investment project that could give it a boost,” Lozano said in a telephone interview. While 2011 numbers are lagging, investment is “volatile” and there is also a chance it could surpass expectations, he said.
Mexico received $2.55 billion in FDI in the third quarter of this year, the ministry’s report said.
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