Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  News

News

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesHot NewsMost Read NewsRecomm.Business LeadersCalendar 

Mexico's Finance Ministry Says Economy Likely Grew 4% in 2012

share with twitter share with LinkedIn share with facebook
share via e-mail
0
01/31/2013 | 06:04am CEST
   By Anthony Harrup 
 

MEXICO CITY--Mexico's economy probably accelerated in the fourth quarter of last year on external and domestic demand, bringing full-year growth to around 4%, the Finance Ministry said Wednesday.

In its fourth-quarter report on public finances, the ministry estimated that gross domestic product grew around 3.6% in the fourth quarter, compared with the year-earlier period.

The estimated 4% growth for all of 2012 is slightly higher than the 3.9% registered in 2011.

Economic activity accelerated from the third quarter, when GDP expanded 3.3% on the year, the ministry said, noting an improvement in the U.S. industrial sector, which is a key driver of demand for Mexican exports, and also robust domestic demand in Mexico.

"The expansion in private consumption and investment was backed by job creation, credit growth and increased consumer and producer confidence," the ministry said.

The National Statistics Institute is scheduled to report official GDP numbers for the fourth quarter on Feb. 18.

Mexico's fiscal deficit last year was equivalent to 0.6% of GDP, excluding financed investment at state oil monopoly Petroleos Mexicanos, or Pemex, which accounted for an additional 2% of GDP. The deficit excluding Pemex was bigger than the 0.4% initially planned.

For 2013, the federal government expects to have a balanced budget excluding Pemex investment, and a deficit equivalent to 2% of GDP including Pemex.

The ministry said revenue grew 3.3% last year, with higher oil and non-oil tax revenue, while spending increased 3.8%.

Spending on economic and social development rose 4.8% and 3.1%, respectively, while state pension payments rose 6.5% and public sector financing costs rose 7%, largely as a result of a weaker average exchange rate for the peso.

Write to Anthony Harrup at [email protected]

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news
Date Title
05:35a U.S. APARTMENT VACANCY RATE EDGES UP IN SECOND QUARTER : Reis
05:34a Japanese stocks edge towards two-year high, dollar supported before Yellen
05:34a CISCO : Nexus Reaches Another Impressive Milestone through Continued Innovation Delivery
05:33a TOSHIBA : Main events scheduled for Wednesday, June 28
05:32a Japanese stocks edge towards two-year high, dollar supported before Yellen
05:31a APPLE : Service Center in Delhi Launches Its Repairing Services of Apple Gadgets
05:29a UNIVERSITY OF NEWCASTLE : A clear approach to the global threat of contamination
05:24a China's Premier Li says free trade curbs could lead to unfair trade practices
05:24a PILBARA MINERALS : Share Purchase Plan
05:21a ARCONIC : Grenfell Tower supply firm withdraws cladding from sale
Latest news
Advertisement
Hot News 
2.90%Third Point leans on Dutch turnaround expert for Nestle push
0.94%GENERAL MOTORS : GM lowers outlook for U.S. 2017 new vehicle sales
3.52%INTESA SANPAOLO : Italian banks rally after taxpayer-funded Veneto deal
3.58%ALIMENTATION COUCHE TARD : wins U.S. OK to buy CST, with conditions
1.10%In Unilever's Radical Hiring Experiment, Resumes Are Out, Algorithms Are In
Most Read News
10:16p Oil little changed after three-day gain, supply glut weighs
10:17p CARLOS GHOSN : Nissan says CEO Ghosn's salary rose 2.5 percent last year
06:14p U.S. finds Canada softwood lumber dumped, sets preliminary duties
07:02p TALLGRASS ENERGY PARTNERS LP : Clogged oil arteries slow U.S. shale rush to record output
08:57pDJSprint Enters Into Exclusive Talks With Charter, Comcast On Wireless Deal
Most recommended articles
11:34p Japanese stocks edge towards two-year high, dollar supported before Yellen
11:17pDJNEWS HIGHLIGHTS : Top Global Markets News of the Day
11:07p CHARTER, COMCAST EXPLORE WIRELESS PARTNERSHIP WITH SPRINT : sources
10:17p CARLOS GHOSN : Nissan says CEO Ghosn's salary rose 2.5 percent last year
09:41pDJANTHEM : Senate Health Bill Raises Uninsured by 22 Million in 2026 Compared to ACA, the CBO Says -- 6th Update