Member access

4-Traders Homepage  >  News

News

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesHot NewsMost Read NewsRecomm.Business LeadersVideosCalendar 

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

01/31/2013 | 12:04am US/Eastern
Recommend:
0
   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

Recommend :
0
React to this article
Latest news
Date Title
<1m ago ALCO STORES : Change in Directors or Principal Officers, Regulation FD Disclosure, Other Events, Financial Statements and Exhibits (form 8-K)
<1m ago GENERAL MOTORS : Trio of Colleges Have Committed to Carbon Reduction Through Chevrolet
<1m ago MICHELIN : to purchase municipal airport land next to factory in Nova Scotia
<1m ago BUSINESS MACHINES : Clintons mark 10 years of annual summit
1m ago ALCOA : Termination of a Material Definitive Agreement, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant, Other Events, Financial Statements and Exhibits (form 8-K)
1m ago TRANSOCEAN LTD. : Shareholders Elect Merrill A. "Pete" Miller, Jr. As Director
1m ago OPHTHOTECH : Change in Directors or Principal Officers (form 8-K)
1m ago FITCH : Municipal Ratings Tied to U.S. Sovereign Affirmed at 'AAA'; Outlook Stable
1m ago CLEAR CHANNEL OUTDOOR : iHeartCommunications, Inc. : Announces Pricing of Offering of 9.0% Priority Guarantee Notes due 2022
1m ago Exagen Diagnostics Announces Changes to Its Board of Directors
Latest news
Advertisement
Hot News 
DIXONS CARPHONE : EE In Talks For Phones 4U Stores - FT (PRESS)
MOPOWERED : Share Price Halves On Heavily Discounted Share Placing
SPRUE AEGIS : To Pay Maiden Interim Dividend As Profits Rise Strongly
MECOM : Form 8.5 (EPT/RI)-Mecom Group Plc
CHINANET ONLINE : Recognized at CECA's 2014 Chinese E-Commerce Industry Gateway Conference
Most Read News
1d ago BEST BUY : The Best Backpacking Sleeping Bag Awards Announced By OutdoorGearLab
1d ago FERRO : Enters into Agreement to Acquire Italian Tile Coatings Manufacturer Vetriceramici
12h ago SIEMENS : to sell stake in household appliances JV for 3 billion euro
2h ago Siemens splurges $7.6 billion on Dresser-Rand in U.S. shale market bet
10h ago Ultrasonic CEO resurfaces in China, denies taking off with cash
Most recommended articles
4d ago Main Italian lenders took 23 billion euros of cheap ECB cheap
3m agoDJBOND REPORT : Treasurys Climb As Investors Fret Over China
7m ago Siemens splurges $7.6 billion on Dresser-Rand in U.S. shale market bet
9m ago TSX hits six-week low on China worries
12m agoDJMARKET SNAPSHOT : China Growth Concerns Weigh On U.S. Stocks
Dynamic quotes  
ON
| OFF