Much of that growth is expected to come from increased oil and gas production and foreign investment allowed, but Mexico's economy will also see major gains from the availability of cheaper domestic energy, experts told CNBC.
"Mexican firms have gained in past years because of an improvement in human capital...but energy costs have kept them from being more competitive," said Carlos Serrano, the chief economist for Mexico at BBVA Bancomer. His firm "conservatively" predicts that Mexico will see a see a 1 percent GDP boost from the reform, with half of that coming from the changes in electricity costs and half coming from foreign investment in the energy sector.
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But cheaper Mexican energy will not only help domestic firms—by decreasing their costs, these companies can become more competitive at home and abroad—but it should also increase foreign direct investment in non-energy sectors, Serrano said.
One piece of Mexico's energy reform will break up the electricity generation and distribution monopoly of Comisión Federal de Electricidad (CFE), and thereby reduce the costs. Serrano said his firm estimates that the change will result in a 40 percent to 50 percent decrease in Mexican electricity costs.