Mexican Leader: Country Out Of Recession

November 05, 12:41 PM ET

MEXICO CITY (AP) - Mexico's president says the country has emerged from a deep recession and the economy is already growing.

President Felipe Calderon says the economy likely expanded 2.7 percent in the third quarter from the second quarter, although third quarter gross domestic product figures are forecast to contract 6.4 percent in annual terms. Officials have yet to release that data.

The finance department predicts Mexico's economy will contract by 6.8 percent in 2009.

Calderon expects the economy will grow by 3 percent in 2010.