Especially important to financial stability are actions to ensure the sustainability of the path of the public-debt-to-GDP ratio, and timely adjustment of monetary policy, with the relative stance vis-à-vis the United States taken into account, among other factors. 7 Since 2014, Mexico’s economy has been recovering, growing in the first half of 2015 at an annual rate of 2.4 percent.
This pace is slightly below the yearly average of the previous two decades, and is held back by at least three drags. The first is a slowdown in industrial production, which has resulted mainly from persistent contraction in mining, dominated by falling oil output.