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
4m ago PEARSON : Former FT CEO to become next BBC Trust chairman
58m ago ARNOLDO MONDADORI EDITORE : Expo milano 2015: expo express the exhibition train of the universal exposition departs
58m ago MEDIA PRIMA BHD : Group of Companies Bags Three Awards at The Spark Awards for Media Excellence 2014
1h ago WEB : Colt Knost shoots third 67 to take lead in Web.com Tour Finals opener
1h ago GREAT WALL GUANGDONG : The Emperor Far Away: Travels at the Edge of China David Eimer Bloomsbury pounds 20, pp336
1h ago THE BOYS ARE OUT OF TOWN... : The Pet Shop Boys meeting Lynda Snell was a classic 'celeb' Archers moment: The Archers R4 Meet David Sedaris R4 Dan and Phil R1
1h ago SONY : Hohokum PS4, PS3, Vita, Sony, cert: E
1h ago MAIDEN LANE JEWELRY : Rough with the smooth: Plush Czech and Hungarian orchestras contrasted with John Eliot Gardiner's bracing early music forces at the Proms: Proms 50, 53, 54 Royal Albert Hall, London SW7
1h ago HONDA MOTOR : MOTOGP Marquez starts on pole
1h ago THE DOMINATORS : The creatives: tough tacklers: breaking up play
Latest news
Advertisement
Hot News 
FORBIDDEN TECHNOLOGIES : Integrates Timecode Buddy into Forscene Platform via MovieSlate iOS App
UNITED THERAPEUTICS : District Court Decision Received In Remodulin Patent Case
THERAMETRICS : SIX: TMX) today announces its financial results for the first half year ended June 30, 2014
ADL PARTNER : 08/28/2014 - ADLPartner: EARNINGS GROWTH FOR THE FIRST HALF OF 2014
BWIN PARTY DIGITAL ENTERTAINMENT : 2014 Half Year Dividend
Most Read News
3m ago PEARSON : Former FT CEO to become next BBC Trust chairman
1d ago BANK OF NEW YORK MELLON : Argentina to appeal U.S. judge's order on bond payment
1d ago SONORO ENERGY : Files Second Quarter 2014 Financial Statements
1d ago COLUMBUS GOLD : Satisfies Obligation Respecting Paul Isnard
1d ago DIGITAL SHELF SPACE : Announces Unaudited Financial Results for the Six Months Ending June 30, 2014 and Stock Option Grants
Most recommended articles
1d ago S&P 500 edges up to set new record; best month since Feb
3m ago PEARSON : Former FT CEO to become next BBC Trust chairman
4h agoDJEU Leaders Call for Tough Response to Russia's Actions in Ukraine -- Update
7h ago Worried EU leaders call jobs, growth summit for October 7
7h ago Worried EU leaders call jobs, growth summit for Oct. 7 - draft
Dynamic quotes  
ON
| OFF