Mexican Finance Minister Agustin Carstens has announced that the economic system will grow above the 3% official prediction for 2010 as consumption and investment accelerate.

While talking to reporters in New York, the minister said that better credit conditions are also increasing domestic consumption. Further, he said, “The economy has performed better in the last few months than we anticipated.”

According to the FM, “Available information for the second half of 2009 indicates both external and domestic demands are expanding.”

Analysts have been revising up Mexico’s 2010 growth estimations.

The minister said that national economic performance is likely be supported by the recovery in United States manufacturing.

Moreover, the FM told media that structural reforms being drove by the President should also address Mexico’s competitiveness issue, preparing the economy to increase at a pace of 5% in next year.

While answering to a question that whether the government will be able to avoid a credit downgrade by Standard & Poor’s, which has the nation’s rating on negative outlook, the Finance Minister said, “Mexico has been working to strengthen its fiscal position and promote growth.”

Further, he said, “We have a very strong story. Probably S&P would like to see faster growth in Mexico. We would like that too. And certainly it's coming.”