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February 6, 2005

Record $16.6B Sent Back To Mexico, Up 24%; Mexican Economy Grows 4%

Topics: Immigration and Border Issues

Virtually all of a record $16.6 billion dollars sent back to Mexico were from workers in the US. The amount is a 24% increase over last year, according to the Bank of Mexico, and is the second highest industry in Mexico, surpassing tourism but behind petroleum. Overall the Mexican GNP grew at 4% for 2004. Current estimates are that 1 in 5 Mexicans are receiving money from these "remittances".

But not according to the Los Angeles Times, which wouldn't know the truth if they underwent an epiphany in Rome under the watchful eye of a Rabbi while being  read the koran by a congenial moderate Muslim cleric, standing next to a buddhist monk.

Mexico's economy expanded by 4.5% in the fourth quarter, the government reported Friday, as the nation was helped by robust consumer spending, high oil prices, a rebounding factory sector and record remittances received from abroad.

No wonder there's been a steady growth in blog readership since 2003, from 11 percent of U.S. Internet users to 27 percent in November 2004.

Hat tip - Digger's Realm

Posted by Hyscience at February 6, 2005 1:54 PM



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