Tourism Seen Jumping to Mexico's 3rd Biggest Cash Source by 2018 Jose Enrique Arrioja - Bloomberg
go to original June 26, 2013

Claudia Ruiz Massieu, Mexico's minister of tourism, speaks during an interview in New York on June 21, 2013. (Scott Eells/Bloomberg)

Mexico’s tourism industry, already the nation’s fifth-biggest source of revenue, is seen taking on more economic importance by the end of 2018 as international visits rise and new infrastructure is built, according to a cabinet official.

Tourism’s participation in Mexican gross domestic product will climb 100 basis points to 9.4 percent by the end President’s Enrique Pena Nieto’s administration, Tourism Minister Claudia Ruiz Massieu said in an interview at Bloomberg’s New York offices on June 21. The “upward trend” for the industry, which employs about 7 million people, will be driven by more visitors from countries outside of North America and better tourism facilities, she said.

“Tourism is already one of the most important economic sectors for Mexico,” Ruiz Massieu said. “We are confident that it can represent at least one point more of GDP at the end of the administration and that we can become the third source of revenue at least.”

Last year, tourism generated $12.7 billion in foreign exchange inflows, according to a report by JPMorgan Chase & Co. (JPM), a 10.5 percent increased versus 2011. Tourism trails manufacturing, oil, remittances and foreign direct investment as the nation’s biggest source of revenue, according to Citigroup Inc.’s Banamex unit.

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