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 CET
   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 anthony.harrup@dowjones.com

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news
Date Title
02:13p DUNKIN BRANDS : Chinese express doubts about US relations under Trump
02:10p TEHRAN MUNICIPALITY : green transportation became operational
02:07p APPLE : iPhone may have facial recognition feature and other rumors
02:03p US Stocks Close Higher
02:01p KING'S BAY GOLD CORP : Cobalt Crunch Time
01:45p RENAULT : Magnussen Hits Back at Old Team Renault after Criticism 
01:43p MANCHESTER UNITED : Depay seals Lyon switch
01:43p PROBE : Note 7 exploding batteries 'wrong size'
01:43p SHANGHAI ZHANGJIANG HI TECH PARK DEV : Metro suspensions
01:41p Three Mid-cap stocks that zoomed during the week
Latest news
Advertisement
Hot News 
-11.28%Bristol-Myers lung cancer delay slams shares, keeps Merck in lead
12.40%SYNTHOMER : Chemicals maker Synthomer sees 2016 profit ahead of estimates
-2.18%GENERAL ELECTRIC : Nason, former Treasury official, being vetted for Fed role - sources
2.24%IBM revenue fall dims upbeat profit forecast
2.45%Rockwell Collins Confident on Jet Ramp -- 2nd Update
Most Read News
01/20 TSX posts two-week high as commodity prices rise
01/20 Apple files $1 billion lawsuit against chip supplier Qualcomm
06:20a CURRENT REPORT : 1/2017 - Signing an agreement with significant value by the Issuer
01/20DJAPPLE : Sues Qualcomm Over Licensing Practices -- Update
05:18a WESTERN UNION : to pay US$586 million to settle US money laundering probe
Most recommended articles
01/17DJS&P 500, Nasdaq Futures -- Technical Analysis
02:48aDJProcter & Gamble's Outlook Improves -- WSJ
02:48aDJGENERAL ELECTRIC : GE Says Revenue Felt Oil's Pressure -- WSJ
02:48aDJApple Sues Qualcomm Over Chips -- WSJ
02:48aDJPEPSICO : Brenda Barnes -- WSJ