Private consumption, which accounts for 55 percent of GDP, was the dominant factor contributing to economic growth in 2015, and partly offset the weakness in activity resulting from the decline in exports and in investment. This was also reflected in the labor market, increased employment in the services industry, and increased wages.
As usual, my remarks are entirely my own and do not necessarily reflect the position of the Bank of Mexico or its Governing Board. The rise and fall of emerging economies Starting in 2010, emerging economies enjoyed a favorable financial environment characterized by substantial capital inflows in the search for yield amid extraordinarily lax monetary policies in advanced countries.